Hope Capital adds two deals to range

The Bridge 2 Let deal is aimed at customers looking for surety of exit for their bridge and the opportunity to capital raise.

The deal is available up to 75 per cent loan to value (LTV) and rates start from 0.72 per cent per month.

The product is eligible for individuals and companies with bridging loan terms up to 12 months, followed by up to 24 months on a serviced basis.

The Term 2 Rent is targeted at borrowers wanting a fixed term solution without the need for interest coverage ratio (ICR) calculations.

The product can be used for borrowers that plan to buy or refinance, income producing, commercial assets or specialist residential assets such as multi-unit freehold blocks (MUFB) or houses in multiple occupation (HMO).

It is a serviced proposition up to 70 per cent LTV NET and term of 24 months. Annual rates begin from six per cent plus bank base rate on variable option or 11.5 per cent on fixed rates.

Both deals can be used for residential, commercial, semi-commercial, HMOs, BTL or MUFBs. They are not subject to ICR calculation, early repayment charges (ERCs), exit fees and can be used for foreign nationals and expats.

The deals are available in England and Wales, but in Scotland postcode restrictions apply.

Roz Cawood (pictured), director of sales at Hope Capital, said: “This is a really exciting space to enter and enhances our proposition even more in terms of affordability and flexibility.

“As we are very much aware, rising interest rates and the lack of secure options are becoming a real challenge for brokers and borrowers alike who are looking for a solution to overcome this.”

She  said the deals took on board feedback from the market and the products had been designed to “flexible around the needs and circumstances of the individual borrower and their specific projects”.

Cawood pointed to the fixed loan rate up to 12 months, and the option for another 24 months as an example of this.

She added: “The additional benefit of having no ERCs and exit fees means we feel very confident this will be instrumental in supporting a significant number of brokers and their clients.”