The lender will now be able to offer up to £20m on loans up to 65% gross development value (GDV), while its maximum GDV has increased from 70% to 75% for loans up to £15m.
Castle Trust will also be offering mezzanine loans of up to £5m on schemes up to £50m after launching a pilot scheme earlier this year.
- Understanding the value of mezzanine
- The revival of mezzanine finance
- Castle Trust provides £13m to refinance PD conversion
“We are delighted with the way our portfolio has been developing since our launch last year, and this means that we are able to expand our offering on the back of an established book,” said Nick Oakley, director of structured finance at Castle Trust (pictured above).
“We now have a full suite of senior and mezzanine finance options for experienced developers who want to maximise their returns through the efficient use of capital.”
Castle Trust has also introduced more competitive pricing at 65% GDV.
Nick added: “At Castle Trust, we place great emphasis on the principle of ‘yes means yes’ and we recognise that developers need a finance partner that knows what it is doing, is strong, consistent and committed to the relationship.”