Tuscan Capital, following its acquisition by Allica Bank, has expanded its product and service range to cater to more businesses.
- The acquisition has introduced significant changes in Tuscan Capital’s product range and criteria, promising swifter support for brokers.
- Enhancements include competitive commercial bridging products leveraging Allica’s resources and market expertise.
- The new offerings feature improved commercial pricing and increased refurbishment capacity, marking new growth opportunities.
- Tuscan Capital’s CEO expresses enthusiasm about future expansions and ongoing developments in collaboration with Allica Bank.
In the wake of its acquisition by Allica Bank, Tuscan Capital, a specialist in short-term property finance, has significantly broadened its product and service offerings to support an expanded range of businesses. This strategic move represents the first in a series of planned enhancements since joining forces with Allica earlier in the year. By integrating Allica’s resources and commercial lending expertise, Tuscan Capital aims to provide a more comprehensive and swift support range for brokers and their clients.
The acquisition has initiated substantial changes in the product range and criteria at Tuscan Capital. This adjustment seeks to address the needs of a broader market, promising faster and more efficient service delivery. Tuscan Capital intends to leverage Allica’s strengths to offer highly competitive commercial bridging products, targeting a segment traditionally underserved and ripe for development.
Among the key enhancements announced are improved commercial pricing with loan-to-value (LTV) ratios reaching up to 70% of the vacant possession, as well as an expanded commercial appetite with loans extending up to £10 million. In addition, there is an increase in refurbishment capacity, allowing up to 75% LTV with loans capped at £2 million. The introduction of a fast-track service for residential bridging loans, which includes remote valuation and title insurance, complements these improvements by facilitating more efficient processes.
Further developments include the availability of development exit lending up to £10 million and a flexible funding approach and requests. This diversification of services aims to better cater to the varied needs of the market, creating opportunities for brokers and their clients to engage with Tuscan Capital’s expanded offerings.
Colin Sanders, CEO of Tuscan Capital, shared his optimism about the recent advancements and the future trajectory of the company. He noted the extensive interest and support from brokers eager to understand the implications of these changes. Sanders remarked, “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.” This sentiment underscores the collaborative spirit and forward-thinking strategy that underpins Tuscan Capital’s recent expansion.
The collaboration between Tuscan Capital and Allica Bank marks a transformative step in expanding and enhancing their finance solutions, with further innovations on the horizon.
