Hope Capital the short term lending and bridging finance house, has announced a new finish and exit bridging loan product.
Rates start from 0.70% per month up to 75% LTV on the product, which is suitable for projects where the development is still in progress.
Loans are available from £70,000 up to a maximum of £5m, for residential property developments in both England and Wales. Loan terms are from three to eighteen months, enabling this product to be flexible for the needs of the individual borrower.
This loan is designed for both light and heavy refurbishment projects to be undertaken, and drawdowns are available. It can also be used to repay existing finances or to complete outstanding works.
Roz Cawood, director of sales at Hope Capital, said: “The finish and exit bridging loan says what it does on the tin, finishing up projects before exit.
“We decided to launch this product after noticing there were a significant number of investors and developers who required funds to finish a development to pay off their existing development loan.
“The bridging loan provides the borrower with much needed additional breathing space and relives any pressure to pay outstanding capital back to the lender if they are unable to do so on time.”
Original article featured here…
Hope Capital recently launched a new product for residential development exit finance. This gives the option to switch to a short-term, lower-cost funding option to those borrowers who have a completed residential development which already prepared for sale.