Hope Capital increases lending by 50%
Hope Capital has increased its lending by 50% in the first half of 2016 compared to the same period last year.
In July the bridging lender completed a record £3.9m loan on a student residential scheme in Stoke on Trent.
Both the number and value of loans have increased significantly this year, the lender said.
The greatest demand has been for refurbishment loans for investors to refurbish a property either for sale or let, or change of use schemes where properties are adapted from commercial to residential.
Jonathan Sealey (pictured), chief executive of Hope Capital, said: “This is our fifth year of trading and every year we have grown, but this year has been exceptional and continues to be so.
“Rather than demand dropping off after the Brexit vote, we have seen it continue to grow, particularly amongst brokers who have found that larger lenders struggling for funding who can no longer meet their demand for loans.
“As a principal lender with our own funds, it means that we have a guaranteed supply of funds. This means that when we say ‘yes’ to a loan, it means ‘yes’, and also means that we can complete on a loan and get the money into the borrower’s account in just a number of days.”