Hope Capital has made changes to its discounted rate Loan product with rates now starting from 0.39% per month.
The lender is now offering the option of a discounted rate whereby the initial three, four or six months is at a reduced rate, depending on the preference of the borrower. The remaining loan term of three, five or six months will be at a higher monthly rate. The new product is available on loans from £150k to £2.5m.
Hope Capital believes this should be ideal for borrowers where their property is not generating income on day one and cashflow is a priority. The discounted rate loan has now been enhanced to include mixed-use and commercial property, where previously the product was only available for residential property.
In addition, there has been a cut in rates on both The Capital Collection and The Seventies Collection for residential property, with rates now starting at 0.70% per month. The lender has also reduced rates on its Refurbishment Range, with rates on light refurbishment projects now being from 0.80% and rates on medium to heavy cases available from 0.82%.
Jonathan Sealey (pictured), CEO of Hope Capital, said: “We’re pleased to further enhance our bridging loan offering, with these significant rate reductions.
“The first half of 2021 has undoubtedly been a very busy time in the specialist lending market and we feel very confident that the demand for bridging finance will remain incredibly strong going forward. This is why we continue to ensure we focus on offering new innovative options which offer flexibility and affordability for the borrower.
“The enhanced Discounted Rate Loan ties in with launch of the LIONS Fast Track Bridge, the fastest bridging loan offered by Hope Capital. With rates now available on the LIONS Fast Track Bridge from 0.39%, up to 65% LTV, with a loan on properties worth up to £500k and the opportunity to complete the deal within hours of making an initial enquiry, this is an extremely attractive proposition for brokers and their clients.
“As part of our growth plans, we’ve recruited more great talent, with BDMs now covering all parts of the country. As a result, we felt it was the right time to review our pricing model and reduce our rates, which we feel confident will be a hit in the market. We are committed to supporting brokers and ensuring they always have a number of competitive options available to help them meeting their clients’ bespoke needs.”