Bridging lender Hope Capital has revised a number of its bridging finance products and also launched a new product range, The Capital Collection, for all property types.
As part of the new collection, rates on commercial deals have been reduced, having previously started at 0.90% to now being from 0.82% per month.
In addition, Hope Capital’s Seventies Collection, for residential property, now provides a maximum loan amount up to £1m. Rates are from 0.725% per month and up to 75% LTV.
Hope Capital’s Eighties Collection has also been updated to provide a revised offering to borrowers, with the bridging lender now taking mixed-use cases up to 70% LTV and interest rates starting at just 0.80% per month. The maximum loan amount for these products goes up to £800,000.
Meanwhile, Hope Capital has also bolstered its Refurbishment Range which comprises two different products, Refresh and Renovate, each providing a different solution tailored to the level of refurbishment the borrower plans to undertake.
Gary Bailey (pictured), managing director of Hope Capital, said: “With the property market currently being so active and the bridging finance industry remaining strong, we have seen a huge increase in enquiries over the last few months and have made it our priority to listen to feedback from our brokers and borrowers on the types of loans they would like to see in the market.”
“In line with the launch of the Capital Collection, we have revamped a number of our highly demanded bridging loans, which includes increasing the Seventies Collection maximum loan amount to £1m. The changes have taken into consideration the feedback we have received and the needs of individual borrowers. By providing lower rates, higher LTVs and so forth, we are now even better positioned to offer more affordable and innovative solutions to brokers and their clients.”
The Capital Collection has a range of options to choose from across residential, mixed-use and commercial property. It has rates up to 75% LTV and loans up to £5m.
The borrowing can either be on a retained or serviced interest basis and are available throughout England and Wales for loan periods up to 12 months.
The new collection has been designed to meet a wide range of borrowers needs and is suitable for various borrowers, including those who live outside of the UK, have an imperfect credit rating and so forth.
Hope Capital continues to offer its Discounted Rate loan, with rates starting from 0.54% per month.
Bailey added: “With a set of highly competitive rates and LTVs, the Capital Collection reflects the feedback we have received and enables brokers and borrowers to be ideally positioned to take advantage of new residential, mixed-use and commercial opportunities as the economy begins to recover. We anticipate reducing commercial rates will be a particular hit in the market.”
