Hope Capital is now offering 80% maximum LTV with its lowest rate on its residential development exit product range.
Designed for completed projects, the loan can be used to relieve any pressure from the borrower who needs to pay outstanding capital back to their existing lender while they need additional time to find the right buyers.
Key features of the development exit loan include:
- 80% maximum LTV (additional security may be required)
- Rates from 0.85%
- No minimum term
- Residential property only
- Potential to capital raise for business purposes
- Loans from £100k-£5m
- 1-18 month term
- No upfront legal undertaking available
- Dual representation
- Flexible payment options
- Dedicated underwriter
- No exit fees
Kim Parker (pictured), head of sales at Hope Capital, said: “Often, once a borrower has a project which has completed, there will be a limited amount of time to sell the property(s) and subsequently, pay back the loan. Our development exit finance option can therefore be used to raise capital quickly and provide the borrower with vital breathing space to sell the property, while tie up their existing finance obligations.”
Kate Cowan, chief financial officer at Hope Capital, added: “We’ve worked with a significant number of brokers who have clients in need of this lifeline and predict there will be an influx of new borrowers in the same predicament in the near future. This is why we want our brokers to be reassured that we have ideal options for their clients to switch to a short-term, possibly lower-cost, funding option.”