The first is a 70 per cent loan to value (LTV) bridge, with the lender’s lowest non-discounted rate of 0.7 per cent. It is offered for non-regulated residential property up to £770,000.
The lender also introduced a 75 LTV bridge with a rate of 0.75 per cent for residential properties up to £575,000.
The funds for these offers have been ring-fenced for seven weeks to cover enquiries that complete by Friday, October 23.
The new products are available on a first charge basis to individuals and companies in England and Wales for loan periods of up to 12 months.
They may be used with elements of the lender’s customisable loans which were announced in May. The customisable products are based on three loan sizes each with a range of rates and LTVs.
Hope Capital managing director Gary Bailey (pictured), said: “We’ve seen a surge in demand for good value bridging loans for residential property.
“We anticipate the new loans will meed this demand and particularly, will be useful for securing immediate funding where mainstream lenders can’t meet borrowers’ needs within the timeframes required.”
The two new loans are offered for purchase, buying at auction, with or without light refurbishment, to chain-break a mortgage, or to refinance existing debt giving the borrower time to find a longer-term solution.