Short-term property lender Tuscan Finance has broadened its product and service proposition following its acquisition by Allica Bank.
Challenger bank Allica Bank bought out the lender in August as part of its entry into the bridging market.
The lender said this enabled it to update its product range and criteria, to deliver a comprehensive range.
Tuscan Capital has updated its commercial rates with loan to values (LTVs) up to 70% of vacant possession and will now lend up to £10m.
It has also increased the refurbishment capacity to 75% LTV with loans up to £2m.
Tuscan Capital will fast-track residential bridging loans, including the use of remote valuation and title insurance. Additionally, development exit loans will now be available up to £10m.
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The lender said it would now have a flexible approach to funding requests, with all its products being backed by Allica Bank.
Colin Sanders, CEO of Tuscan Capital, said: “Since the news of our acquisition by Allica Bank, we’ve been inundated with interest and support from brokers. They are excited to hear what we have planned and what this will mean for our products and appetite – both within our core markets, but also in terms of expansion.
“The enhancements we’ve announced today are significant, but only the start. I am really looking forward to sharing what else we have to come in the next few months and encourage brokers to reach out to their business development managers (BDMs) to find out more.
“It’s been an energetic start to life working alongside the Allica team. I’m more confident than ever that, together, we can bring something fresh to the market.”
Cynergy Bank updates bridging proposition
Challenger bank Cynergy Bank has updated its bridging finance range.
The new offering will offer short-term, flexible lending for residential, commercial and mixed-use properties.
This will be available for lending on single dwellings, large blocks and purpose-built student accommodation (PBSA).
Cynergy Bank will lend between £2m and £20m, reflecting its intention to support larger, more complex cases.
Cynergy Bank recently appointed Asim Shirwani to lead the originations for the bridging division. He joins from LendHub, where he was the chief commercial officer for more than four years.
Shirwani, director of originations for bridging at Cynergy Bank, said: “The property market is moving rapidly, and our customers need a financial partner that can keep pace with their ambitions. Our new bridging finance offers competitive terms underpinned by speed, flexibility, and tailored support when property professionals need to seize opportunities, including medium- and long-term exit options.
“Cynergy Bank is proud to support its customers at every stage of their property journey.”
Ravi Sidhoo, managing director of Cynergy Bank, added: “Cynergy Bank’s lending products cover a broad range of solutions across the value chain. Bridging finance is a key addition to our offering, providing flexible short-term funding to meet immediate client needs.”
