Hope Capital is offering a fixed fee bridging loan.
The fixed fee loan is available up to 75% LTV and for a term of between one month and six months, while the actual fee will be agreed on a case by case basis.
The lender claims that as there are no complicated interest calculations or hidden fees, the fixed fee loan is the “most straightforward bridging loan in the market”, as borrowers agree on the fixed fee at the outset and simply pay when the loan redeems.
As no interest is taken from the gross loan at the outset, the borrower is able to release more money from day one. This makes it useful for investors who have bought a property below market value and are looking for a quick turnaround.
Brian Baker, head of operations at Hope Capital, said: “We are continually looking to offer new products that are innovative, exciting and market leading.
“With the fixed fee loan we have taken a standard product and turned it around to create a simpler and more transparent bridging loan, which allows property investors to quickly and easily calculate their profit potential on any deal.
“We believe we are the only bridging lender to be offering such a facility. It is something the market has long needed and we think it will prove very popular.”