Hope Capital and Aspen update bridging products and cut rates

Hope Capital has launched a pair of loans as part of a new Eighties Collection for semi-commercial properties.

The first deal is at 0.8 per cent per month with a maximum loan to value (LTV) of 60 per cent and maximum loan value of £800,000.

For mixed-use properties there is a product at 0.84 per cent per month with a higher LTV of 65 per cent but lower maximum loan of £650,000.

The lender said the products were suitable for purchase, renovation or re-bridging on a property that has elements of residential use and commercial use.

Both products will be available throughout England and Wales for a maximum loan period of 12 months to individuals and companies, with various repayment options including retained, serviced or part retained and part service depending on the needs of the borrower.

Last week the lender appointed Sinead Moynihan as sales director, joining from Mint Bridging.

Discussing the product changes, Moynihan (pictured) said: “We believe it is essential in the current climate to place a real focus on offering new innovative products which offer flexibility and affordability for the borrower.

“We are looking forward to supporting our partners and clients with these options.”

Aspen Bridging

Aspen has also revamped its proposition cutting its stepped rate to 0.44 per cent from 0.49 per cent, and its flat rate reduced to 0.74 per cent from 0.84 per cent.

A new rapid desktop valuation bridging product has been launched with a guaranteed completion within 10 working days, although the lender believes it can do this as fast as two working days.

It offers up to 65 per cent LTV at initial quote stage which can potentially increase thereafter.

To meet the timescale, the quotes will include integrated legal contact and fees, a specialist borrower solicitor service integrated with the lenders own legal firm.

However, borrowers can still opt to use their own representation if desired.

And a broker website featuring application portal has been introduced as well.

Jack Coombs, director at Aspen Bridging, said: “We always strive to be competitive and creative which is why the new rates, and the introduction of rapid desktop valuation and the recently launched light development bridge, puts us in a fantastic position to break all of our lending records in 2021.”

Applications are open to UK and overseas borrowers, either individuals or corporates, for properties across England and Wales.