Board proposal · Private & confidential

Deploy your new capital faster — and keep the book you're losing.

A fund-manager lending partnership: Redbourne Capital originates, underwrites and manages a unique specialist product — powered by GUMO, our property & company intelligence platform — and Castle Trust earns a secured, hurdle-protected return that scales.

Prepared for The Castle Trust Board From Redbourne Capital · Hank Zarihs Associates Powered by GUMO
The moment

Fresh capital, a growth mandate — and a market to capture.

With Sixth Street and Bayview behind you and a £1.1bn specialist property book, the mandate is clear: grow, at scale, without loosening on risk. The constraint isn't capital any more — it's disciplined origination and retention. That's exactly what we bring.

  • Deploy faster — a live pipeline of experienced-developer deals, sourced and underwritten for you.
  • Retain more — stop feeding your redeemed book to competitors (we'll show you exactly where it's going).
  • Scale with discipline — a standardised, data-driven underwriting engine your new owners will recognise.
We already know your book

Every loan you've written is public. We've read all of them.

GUMO holds every charge Castle Trust has ever registered at Companies House — so before we've even met, we can show you your own book. This is a live read, today:

2,896
loans mapped, across 2,099 borrowers
growth since 2022 · record 2025
95%
property SPVs — short-term, ~1.3yr book
9.3%
of borrowers carry a CCJ · 1% insolvent

Live from GUMO (public Companies House charges + linked company/property/CCJ data). Companies House does not publish loan amounts, so £ exposure is not shown; every other figure is read directly from your registered charges.

The leak

Of the loans that redeemed,

85%

were refinanced by someone else. Your short-term money matures — and the term business walks straight out the door to your competitors.

Who's taking your book out
OneSavings / OSB group70
Shawbrook Bank27
Hampshire Trust Bank27
Together22
Landbay18
Paragon / Fleet / Precise…+

Take-out lender on redeemed Castle Trust charges. Your short-term bridging is being refinanced onto term BTL by mainstream specialists — the exact product our take-out captures.

The competitive landscape

It's not just you — the whole market leaks.

We ran the same X-ray across your top competitors. Every specialist lender is losing its redeemed book to rivals — and because almost none file satisfaction at Companies House, most can't even see it happening. GUMO reads it from the Land Registry title trail.

LenderBook (charges)TrendRedeemed / leakedLoses most to
Castle Trust2,927↑↑ fastest %21%OSB 22% · Shawbrook 9%
OSB group90,925↓ off peak18%TMW 18% · Paragon 15%
Together76,610↑↑↑ surging16%OSB 13% · Shawbrook 8%
Shawbrook30,496↑ steady15%OSB 14% · Paragon 8%
Landbay17,302→ plateaued12%Paragon 14% · OSB 13%
Hampshire Trust12,272↑ growing10%OSB 10% · Shawbrook 7%

OSB and Paragon are the apex predators — a top-3 refinancer of nearly every lender here; the flow runs bridging → specialist term → prime BTL. The first specialist lender to adopt retention defends its book against the same rivals quietly eating it today — do it with us, or watch a competitor do it.

A product the market doesn't have

Own the conversion niche — day one to exit.

A single, unique product for experienced developers on conversion / PD schemes — the highest-quality, most defensible slice of development finance. We fund the works and take out the finished block, so the borrower never leaves.

Day one · bridging

Fund the conversion

Experienced developers · PD / conversion schemes · £1–25M
Net day-one80%
Capped at70% of GDV
Exit · term take-out

Keep the finished asset

Refinances the completed block — retains the borrower
Break-up basis70%
Block basis90%

The take-out is the answer to the leak: the term refinance that today goes to OSB/Shawbrook stays inside Castle Trust.

Supply · constant deal-flow

Supply isn't the constraint — it never runs dry.

GUMO's Debt Advisory channel tracks every maturing UK property loan in your target band, refreshed nightly. In the £3–25M range, contactable maturing loans flow at a rate that clears your target several times over.

£375M
contactable maturing loans / month (£3–25M)
3.7×
your £100M / month bar
£22.4B
live contactable pool, refreshed nightly
£7.5M
average loan in band

Plus a standing £9.35B of contactable, already-matured refinance-ready loans to work from day one — and a £36.2B market in £25M+ loans above the product cap, for when you stretch.

How we reach each borrower (£3–25M band)EmailMobileLinkedIn≥1 channelTwo rails
Reachable47%34%19%59%23%

£ figures are GUMO's estimated-loan proxy (Companies House files no loan amounts); opportunity counts, maturity dates and contact flags are confirmed. Reachability rises to ~66% on the already-matured pool and improves as enrichment runs.

Origination · the conversion pipeline

A deep, qualifying pipeline — already mapped.

GUMO holds the UK planning system: every conversion to residential — office, commercial, industrial, hotel, care-home — with the developer behind it and their balance sheet.

37,783
conversion-to-residential schemes
~600k
residential units in the pipeline
2,238
target schemes at 30+ units
1,119
experienced developers · £5M+ net assets
Conversion source (→ residential)Schemes30+ units
Office → resi (incl. 2,368 PD / prior-approval)4,166433
Industrial / warehouse → resi4,908426
Retail / commercial → resi4,778224
Hotel / pub / leisure → resi1,893101
Care home → resi42823

~20,500 are true change-of-use (non-residential source); ~22,400 are live (not yet completed). Qualifying-developer counts are a floor — many conversion SPVs file minimal accounts, so real balance-sheet strength is understated.

Underwritten in minutes

A fully underwritten deal, produced in minutes — not weeks.

Everything you need to credit-decision is generated inside GUMO the moment a deal arrives — borrower, company, KYC, property and security, distilled into a standardised credit paper. The only things we wait on are external.

Borrower & company

KYC + accounts

Officers, ownership, group, financials and adverse events — pulled and cross-checked automatically.

Property & security

AVM + title

Automated valuation with confidence band, tenure, comparables and title — on any UK address.

Decision

Credit paper

A standardised, policy-checked credit paper produced in minutes — consistent and auditable.

Only the external valuation and the QS / development-monitoring surveyor reports sit outside GUMO — everything else is instant. Scalable and disciplined by design.

The team that's already done this

You're not backing a data start-up.

You're backing brokers who have originated and managed development finance for a decade — with the platform to now do it at scale.

£500M+
development loans facilitated over 10 years
£200M+
of client drawdowns managed & monitored
35 yrs
of industry experience — encoded into GUMO
£600K+
founder's own capital · 6 years building it

An experienced development-monitoring credit team, an established external QS network for on-the-ground oversight — and 35 years of judgement now productised as a system.

The partnership

Redbourne as your fund-manager lending partner.

Clean division of labour: you bring the balance sheet and earn a preferred return; we bring origination, underwriting, management and the unique product.

Castle Trust — the capital

Secured, hurdle-protected return

  • Sub-charge + floating debenture over Redbourne & the book
  • Preferred hurdle — 7% bridging · 6% term
  • Plus a majority share of the upside
  • Your risk framework, your credit committee
Redbourne — the manager

Origination, underwriting & management

  • Lender of record — holds the first legal charge
  • Sources & underwrites via GUMO
  • Manages the book & monitoring
  • Earns arrangement fees + a carry share
The economics

You keep the majority — and it's built to scale.

Castle Trust earns its hurdle on every pound, plus a share of the margin above it. Redbourne earns a low 0.5% management fee (a fund would charge ~2%), arrangement fees, and a carry share that grows as the book grows — aligning us with your mandate.

Book ≤ £250M
80 / 20
Castle Trust : Redbourne
£250M – £750M
70 / 30
on margin above hurdle
£750M +
60 / 40
as the partnership scales

Split applies only to the margin above Castle Trust's hurdle. Redbourne keeps arrangement fees (fund-manager model) and the 0.5% management fee, paid quarterly in advance. Full interactive model provided separately.

The three-year plan

£250M a year — to £1.25bn written together.

A disciplined ramp: grow the standing book £250M a year to £750M by year three. Because the bridging recycles, that's roughly £1.25bn of lending written over the three years.

Year 1
£250M
standing book · 80/20
Year 2
£500M
standing book · 70/30
Year 3
£750M
standing book · 60/40

You have the platform and the capital. We have the tools, the distribution and a product the market doesn't offer. The target is realistic — together.

Reaching the plan · the funnel

The maths of getting there.

At a £5M average loan — 50 / 100 / 150 completed loans a year — this is how many maturing-loan leads we work each month to hit each year's target, across conversion rates from a conservative 5% to a strong 20%.

Conversion → leads / monthYear 1 · £250MYear 2 · £500MYear 3 · £750M
5% conversion83167250
10% conversion4283125
15% conversion285683
20% conversion214263

Larger loans need fewer: at the £7.5M band average it's just 33 / 67 / 100 completed loans a year.

Set against ~3,000 live contactable in-band opportunities plus ~50 fresh maturities a month, even the Year-3 stretch at 5% (250 leads/month) sits inside the pipeline; at a realistic 10% conversion, Year 3 needs ~125 leads a month. Supply is not the binding constraint.

The ask

Start with a pilot allocation. Let the data prove it.

Give the partnership an initial allocation into the conversion product. We'll originate, underwrite and manage it end-to-end — and report against your risk framework from day one. The book, the leak and the model are all real; the pilot makes them yours.

  • 1Agree the product & terms — the conversion niche, hurdles and the carry ladder.
  • 2Pilot allocation — a first tranche to deploy through Redbourne.
  • 3Prove & scale — deploy, monitor, report; scale to the three-year plan.
Redbourne Capital · Hank Zarihs Associates Powered by GUMO