Hope Capital has unveiled a new bridging loan product called Hope Seven 5.
The new deal has a rate of 0.75% per month and is available up to 75% LTV on non-regulated residential property up to £750,000.
The product 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 purchase in a range of situations from a straightforward purchase, buying at auction, with or without a light refurbishment or to chain-break a mortgage.
Hope Capital has ringfenced funds for this offer, which will last for as long as this tranche of funding does.
Gary Bailey (pictured), managing director of Hope Capital, said: “We have seen a growing demand for good value bridging loans for residential property quick purchases, either as a straightforward investment, or at auction, and to fill the gap due to mortgage delays, so we have launched this new bridging loan to meet these demands.
“We predict the Hope Seven 5 plan will be particularly useful for breaking a chain when buying a property which remains one of the biggest reasons for purchases falling through.”