Hope Capital has made changes to its residential finish and exit offering, for projects where the development has still not reached practical completion.
The offering provides up to 75% loan-to-value (LTV) with rates from 0.85% and has features including dual representation.
The loan is suitable for light to heavy refurbishment works, and is available across wind and watertight properties which are currently residential or being converted to residential.
Features of the product include a 75% max LTV, 70% max gross development value (GDV), and rates from 0.85%.
Other features include loans from £100,000 to £5m, 3-month to 18-month terms, flexible payment options and no exit fees.
Kim Parker, head of sales at Hope Capital, said: “Our finish & exit loan relieves any stress by providing the additional time needed to pay capital back, complete any works and sell the property(s) so the borrower doesn’t lose a significant amount of money.”
Hope Capital launched this latest product in conjunction with Costcap.
John Dineen, founding director at Costcap, said: “Having an ‘in-house’ quantity surveyor will mean that projects can be assessed quicker, with clearer outcomes for borrowers from the get-go.”
