Hope Capital has extended the time period that it is making its lowest ever bridging interest rate available following demand from brokers.
The lender has just had the busiest month in its history. In June Hope Capital experienced an 83% increase in enquiries and 263% increase in appointments.
The fastest Heads of Terms delivered in June was 18 minutes.
Rates were lowered so they started at 0.69% per month on loans of up to £5 million across its range of bridging loans. This will now be available throughout July and “maybe” even longer if demand continues to stay strong, the lender said.
In addition, Hope Capital has introduced a new pricing matrix across all of its products, designed to make it easy for brokers to see the different LTVs and rates that the lender will work to.
The new pricing applies to residential, retail, commercial and semi-commercial properties and land. Borrowers can use the loans for property purchase, refinance and an array of other business purposes, including debt consolidation and covering cash flow.
Terms will typically be offered within one hour of the loan application and brokers will continue to have direct access to underwriters and senior decision makers, the lender said.
Gary Bailey (pictured), managing director of Hope Capital, said: “As part of Hope Capital’s growth plan we have recruited heavily in recent months in order to facilitate sustainable growth and the result of this investment is clear.
“With such a significant uplift in business we now have the infrastructure in place to ensure that we can cope with a considerable uplift in volume; Hope Capital can continue to upscale, while maintaining some of the best service and turn-around times available in the UK – even when looking at complex projects outside of the norm.
“The new rates and products have clearly been very enthusiastically received by brokers so it makes perfect sense for us to make them available for longer. Hope Capital now clearly has the right mix of product, flexibility, speed and rate transparency.”