Tuscan Capital expands product options with release of bank base rate tracker
Tuscan Capital, the short-term property finance specialist, has announced the launch of a new base rate tracker option.
The new option is available across Tuscan’s Fast Track Residential Bridge loans as well as its commercial and refurbishment loan products.
The base rate tracker option compliments Tuscan Capital’s existing range of fixed-price products.
Tuscan’s base rate tracker starts at 0.53% over Bank Base Rate and has a minimum term of three months with a maximum LTV of 75%. In addition, there are no exit fees or early settlement penalties.
If interest rates change during the loan term, the borrower will have the option to adjust the monthly payments or have the adjustment collected on redemption.
Colin Sanders, CEO of Tuscan Capital, said: “Given the volatile economic conditions at present and with so much speculation about interest rates increasing over the short to medium term, we thought brokers should be armed with the option of fixed or variable interest rates across our product range.
“With interest rates trending upwards, finance providers in all markets will be looking to hedge their position for fixed-term products.”
Richard Deacon, sales director at Tuscan Capital, added: “Whilst the certainty of fixed rates can be appealing to customers, the costs for lenders to lock down their own funding becomes expensive in this environment, which can mean that fixed money isn’t the cheaper option, particularly when borrowing a short-term bridge loan.
“By Tuscan offering the choice of a base rate tracker or a fixed product, the broker can help the customer choose the best option for their circumstances. It also highlights Tuscan’s continued commitment to evolving and improving its proposition.”