Hope Capital, the short term lending and bridging finance house, has lowered the starting rate on its discounted rate loan product, to 0.39% per month. This is the lowest bridging loan rate ever offered by the lender, available on loans from £150k to £2.5m.
The borrower may now choose for the initial 3, 4 or 6 months to be at a reduced rate with the remaining loan term at a higher monthly rate. This product is designed for instances where an income will not be produced by the property initially. In addition to residential property, this is now available for mixed-use and commercial property as well.
Rates have also been cut on The Capital Collection and The Seventies Collection for residential property and now begin at 0.70% per month. Hope Capital has also reduced rates for its refurbishment range, to start at 0.80% for light refurbishment projects and 0.82% for medium to heavy refurbishment projects.
Jonathan Sealey, CEO of Hope Capital, commented: “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.”
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