80% LTV for medium & heavy refurbishment projects now available at Hope Capital
Specialist short-term lender, Hope Capital has announced it has rejuvenated its residential refurbishment offering by now providing up to 80% LTV to its brokers and borrowers.
This brand-new offer enables borrowers to now receive c15% more funding on their Day 1 borrowings, providing investors and developers with a fantastic opportunity to optimise their cashflow and subsequently maximise returns.
The key features of Hope Capital’s latest enchantment include:
- 80% LTV available on a rolled interest basis
- Up to 70% LTGDV
- Fixed rates starting from 0.99%
- Up to 12-month term
- Residential properties
- Medium & heavy refurbishment projects
Roz Cawood, director of sales at Hope Capital, said: “This is one of several enhancements we’re looking to make this year as we continue to listen to market demand and evolve our offering to demonstrate our commitment to support brokers and borrowers.
“Being able to receive up to 15% more on Day 1 is an extremely appealing proposition and an option which is very rare to find in the market, which is why we feel very confident this will be significant in supporting our brokers and their clients.”
For borrowers looking to convert a semi-commercial or a commercial property to a residential asset, Hope Capital will lend up to 75% LTV Day 1 & 70% GDV on semi-commercial and up to 70% LTV Day 1 & 70% GDV for commercial properties, with fixed rates starting from 1.09% across both property types.
Roz continued: “We’ve been in the game for over a decade now and the demand for refurbishment bridging loans remains very strong, with investors increasingly looking at refurbishment and development opportunities to either improve the property, increase yield or for capital gain.”
“We fully recognise that while there are many challenges in the current market, there are still a significant number of borrowers who are hungry to find competitive options to enable them to take advantage of investment opportunities. This is why we will continue to be at the forefront of the market, ensuring we are creating solutions so this can be achieved.”
The latest enhancement announced by Hope Capital aligns with the lenders fixed rate option, the Hope Guarantee, which involves borrower’s rates being fixed for the term of their loan, as soon as Hope Capital’s solicitors have been instructed providing there are no material changes to the application or loan, regardless of any changes in the market.