Hope Capital launches bridging product at 75% LTV
Hope Capital has launched its Seventies Collection, which comprises two bridging loan products, one of which provides the lender’s highest loan-to-value (LTV) at 75%.
The second product offers Hope Capital’s lowest non-discounted rate, of just 0.70% per month, and up to 70% LTV on non-regulated residential property up to £770,000.
The HOPE 75 bridging loan has an LTV of 75% with a rate of 0.75% for residential properties up to £575,000.
The products will be available throughout England and Wales for a loan period of up to 12 months both to individuals and companies.
The loan will be available on a first charge basis.
Borrowers can use the loans for property purchases in a range of situations from a straightforward purchase, buying at auction, with or without a light refurbishment or to chain-break a mortgage.
Additionally, the loan can be used to refinance existing debt and give the borrower time to put in place a longer-term finance solution.
Hope Capital has ring-fenced funds for this seven-week offer, which will be available for new enquiries that complete by the 23rd October.
Funds will be allocated on a first-come, first-served basis.
The Seventies Collection can be used alongside elements of the recently launched Custom Collection which comprises six different products, features and options.
Gary Bailey (pictured), managing director of Hope Capital, said: “We have seen a recent surge in demand for good-value bridging loans for residential property.
“We anticipate the Seventies Collection will meet this market demand, and be particularly useful for securing immediate funding whilst mainstream lenders are unable to meet the needs of borrowers in the timeframes they require to seize the opportunities.
“All our new products are designed to provide innovative solutions which offer flexibility and affordability for the borrower.”