Simon Whitfield

Castle Trust revamps development finance offering and appoints new head

Castle Trust has updated its development finance offering and appointed Simon Whitfield (pictured above) to head up the proposition.

Simon — who previously held senior roles at Wellesley Group and the Co-operative Bank — will lead the specialist lender’s focus on growing its share of the development market.

Castle Trust’s new proposition is available to individuals, SPVs and limited companies that require up to 70% GDV on day one.

Loan sizes are available from £1m–10m and terms are available between nine and 30 months.

“There continue to be huge opportunities for developers to meet the increasing demand for housing through the provision of new schemes and conversions,” said Barry Searle, managing director of mortgages at Castle Trust. 

“We believe this market is set for long-term growth, which is why we have taken our foot off the gas in recent months to restructure out team and deliver intermediaries with a proposition that we can commit to for the long term.”

Simon added: “It’s fair to say that it’s a difficult environment for developers at the moment as political and economic uncertainty are impacting on both the property market and the provision of affordable, reliable finance. 

“But at Castle Trust, we have a real appetite to lend now and build long-term partnerships with our intermediaries.

“On every case we will ask three simple questions: Has the developer completed at least two similar schemes in the past?

“Does the developer have cash in the deal?

“And is buy-to-let a realistic exit for the development?

“If the answer to all three of these is yes, then pick up the phone to Castle Trust.”

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