Hope Capital cuts bridging rates

The lender said the rates are available across its range of bridging loans and will apply to residential, retail, commercial properties and land.

Borrowers can use the loans for property purchase, refinance and an array of other business purposes, including debt consolidation and covering cash flow.

Loans are available at up to 75 per cent loan to value, with a usual loan duration of 12 months.

Last month Hope Capital recruited four business development managers (BDMs) to help support brokers and handle increased business volumes.

In January Gary Bailey joined the lender as managing director – returning to work in the mortgage industry.

Bailey said: “As part of our growth plans, we’ve recruited more great talent, with BDMs now covering all parts the country; we have also reviewed our pricing model.

“As a result, we are launching our lowest ever rate.”

Russell Martin, managing director of Finance 4 Business welcomed the lower rates in the competitive bridging marketplace.