Hope Capital the short term lending and bridging finance house, has had a busy year for bridging finance. Writing in a blog, managing director Gary Bailey noted that amidst the uncertainty of the past twelve months, there has been steady growth in the demand for bridging loans enabling customers to undertake refurbishment works.
At the start of 2021, the lender created a new range specifically for investors and landlords wishing to refurbish properties. Three products make up the range; Refresh for small upgrades, Renew for refurbishment and repairs and Renovate for larger projects. For unregulated residential property, LTVs of up to 75% are available and 100% funding for 6-18 month loan terms. Borrowers in both England and Wales can access rates from 0.69% on residential property loans, up to a maximum of £3m.
Gary Bailey, managing director of Hope Capital, said: “With many investors and developers looking for opportunities to make a larger return on their investment, renovating a property can achieve this by adding significant value to a dwelling.
This is especially true at a time where well-maintained properties, designed to fit the work from home trend, are being snapped up, sometimes within hours of coming to the market.
Therefore, looking ahead, I can only see the demand for homes designed for this purpose and in turn finance options available to help achieve this, continue to grow.”
Original article featured here…
Hope Capital recently launched a new fast track bridging product, ‘LOANS Fast Track Bridge‘, which provides facilities up to £750,000. The product is available for properties worth up to £1m, with the maximum LTV at 75% .