Hope Capital has launched a new bridging loan product offering 75% net initial advance.
It is designed to give residential property investors greater liquidity and faster access to refurbishment funds.
The specialist lender said the new product, which starts at a monthly rate of 0.95%, has been specifically tailored for borrowers needing immediate access to both purchase funds and finance for works.
Loans are available from £100,000 up to £5 million, with up to 100% of build costs funded and the ability to cover the entire purchase price where additional security is offered.
The product is available for purchase, refinance and capital raising across residential property projects involving light, medium or heavy refurbishment, with a maximum gross development value of 70%.
Refurbishment drawdowns are forward funded and can be released on the same day that a monitoring agent’s report is received, with both remote and in-person inspections accepted.
“MAXIMUM UPFRONT LIQUIDITY”
Kim Parker, head of sales at Hope Capital, said: “In today’s market, speed and certainty are more important than ever. Our new 75% Net product is built for clients who need maximum upfront liquidity, and the assurance that they can access it without delay.
“For borrowers embarking on refurbishment projects, having funds available from day one is crucial, not just for the purchase, but to get works underway immediately. That’s exactly what this product delivers, and we’re excited to bring it to market.”
The lender has also introduced a number of service enhancements to support the new offer, including potential for instant valuations at no cost to the borrower on light refurbishment cases, and desktop valuation results within 48 hours.
Other features include dual representation on loans up to £750,000, no upfront legal undertaking for loans up to £1 million, no exit fees, flexible repayment options, and terms from three to 18 months. Title insurance and electronic ID verification are also included as standard.
The launch comes shortly after a restructure of Hope Capital’s portfolio management team, which has been geared towards reducing drawdown times and improving the experience for clients carrying out refurbishment works.
The lender now says it can release refurbishment funds within 24 hours, enabling borrowers to maintain momentum on their projects without cashflow bottlenecks.
