Hope Capital has launched the ‘Seventies Collection’, which consists of two new bridging loan products.
HOPE 70 offers the lender’s lowest non-discounted rate of 0.70% per month, while the HOPE 75 providing the highest LTV at 75%.
The HOPE 70 product offers a rate of 0.70% pm and up to 70% LTV on non-regulated residential property up to £770,000.
The HOPE 75 bridging loan has an LTV of 75% with a rate of 0.75% for residential properties up to £575,000.
The two new products 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 purchases in a range of situations from a straightforward purchase, buying at auction, with or without a light refurbishment or to chain-break a mortgage. Additionally, the loan can be used to refinance existing debt and give the borrower time to put in place a longer-term finance solution.
Hope Capital has ringfenced funds for this seven-week offer, which will be available for new enquiries that complete by the 23rd October. Funds will be allocated on a first-come, first-served basis.
Gary Bailey (pictured), managing director of Hope Capital, said: “We have seen a recent surge in demand for good-value bridging loans for residential property. We anticipate the Seventies Collection will meet this market demand, and be particularly useful for securing immediate funding whilst mainstream lenders are unable to meet the needs of borrowers in the timeframes they require to seize the opportunities.
“All our new products are designed to provide innovative solutions which offer flexibility and affordability for the borrower.”