Hope Capital completes record £3.9m loan
Hope Capital has completed its largest ever loan of £3.9m on a student residential scheme in Stoke on Trent.
The nine month loan was completed in five working days around the EU Referendum and had the client not received the funds they would have lost a sizable deposit.
It was made against a five storey purpose-built student halls of residence, with the accommodation providing 20 student rooms and 120 ensuite cluster rooms with communal laundry, a gymnasium, a lounge area and a ground floor retail unit.
The accommodation was let for the upcoming academic year of 2016 to 2017, with a total income of £800,000.
Jonathan Sealey, chief executive officer of Hope Capital says, “Hope Capital has had a sustained period of growth and we are not only seeing an increase in demand for bridging loans but an increase in our own funds.
“Being 100% privately funded lender that operates on family funds, we have the money available to keep up with this demand. Being able to complete our biggest ever loan, which was just shy of £4m, in just five working days and in the middle of Brexit, is a feat in itself, but highlights Hope Capital’s continued strength and confidence in the market.
“Despite much talk and speculation around short term volatility due to the recent Brexit vote, we are seeing a strong demand from developers and for us to lend increasingly larger amounts of money. As we have a security of funds, we are very much open for business and can therefore continue to boost our loan book.”
Hope Capital now lends up to £5m, though it will consider going above that limit for the right deal.