Hope Capital has made significant rate reductions to its residential medium refurbishment offering.
The lender’s residential medium refurbishment loan is now available providing up to 75% loan-to-value (LTV) day one at 0.99% with a loan on properties worth up to £5m for a three to 18-month term.
As well as offering loans which enables borrowers to undertake light and heavy refurbishment projects, the medium option has been designed for projects needing moderate to extensive repairs, including extensions, change of use, conversions and can also cover projects which require permitted development rights or planning permission.
Coupled with the rate reduction, the lender is also offering several key features to ensure the loan provides the flexibility and speed borrowers require.
Key features include up to 70% GDV, dual representation, use of title insurance, no exit fees, a dedicated underwriter and no upfront legal undertaking.
Kim Parker, head of sales at Hope Capital, said: “The demand for refurbishment bridging loans remains very strong, with investors increasingly looking at refurbishment and development opportunities to either improve the property, increase yield or for capital gain.”
“With our latest offering, our clients can receive up to 75% LTV day one and up to 70% GDV, with the ability to cover 100% of the cost of works meaning we can support our borrower with as much capital as possible to undertake their project.
“At Hope Capital, we make it our priority to regularly review the market, listen to our brokers and their clients, to see what the demand is, so we can create and deliver innovative bridging loan solutions to meet a diverse range of borrower’s needs.”
