Hope Capital revamps bridging loan range
Riding on the success of the previous year, Hope Capital has announced it has overhauled its product proposition to support brokers and their clients looking to take advantage of investment opportunities in the 2022/23 Financial Year.
The products offered by the specialist short-term lender have undergone a major revamp, with non-discounted interest rates now starting from 0.59%.
In addition, Hope Capital is now providing second charge bridging loans, when cross charging with a 1st charge as additional security, meaning borrowers can maximise their borrowing. The firm will continue to provide loans from 50k to £5m and for a term of up to 18 months.
Full details of the new product range include:
- Residential bridging loan & residential refurbishment loan:
Rates now start from 0.59%, up to 60% LTV with max LTV’s up to 80%
- Mixed-use bridging loan & mixed-use refurbishment loan:
Rates now start from 0.78% with up to 70% LTV
- Commercial bridging loan & commercial refurbishment loan:
Rates now start from 0.78% with up to 65% LTV
- Land with planning bridging loan:
Rates now start from 0.79% with up to 65% LTV
- 2nd charges available as a cross charge on additional properties :
Up to 70% LTV
- Automated Valuation Model (AVM):
Now offering max 70% LTV on residential AVMs
- Desktop Valuations:
Now accepting desktop valuations on residential property up to £2m with up to 75% LTV
Gary Bailey, Managing Director of Hope Capital, said:
“Throughout 2021 we launched a range of products to accommodate the needs of brokers and their clients.
Moving forward, we have revamped our product range, which not only includes reducing rates, but also repositioning our offering as a whole, so it is clearer and more appealing.
In turn, this helps enhance the broker experience and solidifies our position within the bridging lending market in terms of affordability and service.”
Earlier this year, Hope Capital announced that the 2021/22 Financial Year marked its strongest year in its 10-year history, with total completions growing by 107% and nearly a 50% increase in AIPs, showing there was a significant increase in conversion rates.
Roz Cawood, added:
“At Hope Capital, we prioritise listening to brokers and taking their feedback into consideration.
As a result, this enables us to deliver a range of competitive and innovative solutions to meet the needs of their clients.
With the market reaching an all-time high in terms of the interest shown in bridging loans in general, it has become clear that brokers want access to products which are transparent and of course, affordable.
The product revamp we have undertaken reflects all of these elements, which is why we feel confident these improvements will be well received.”
James Lennon, Founding Director at Tapton Capital, commented:
“From working with the Hope Capital team, I know full well that they bring a wealth of experience and industry knowledge with them.
This, coupled with their product revamp, will be key in ensuring that opportunities can be maximised in 2022 for my clients.”