Hope Capital brings out lowest ever bridging loan rate

The option means that the first three, four or six months of the loan will be set at the reduced rate depending on borrower preference, with the remainder of the loan term returning to a higher rate.

The product is available for loans between £150,000 and £2.5m and for borrowers whose priority is cashflow due to property not generating day-to-day income.

It also includes mixed-use and commercial properties, a broadening of its previous scope for residential properties only.

The lender has also reduced rates in its capital and the seventies collections with rates starting from 0.7 per cent a month. Rates previously started from 0.79 per cent and 0.73 per cent respectively.

The rates for its light refurbishment rate now start from 0.80 per cent, and rates for medium to heavy refurbishment now begin from 0.82 per cent. This is down from 0.82 per cent for light refurbishment and 0.84 per cent for medium to heavy cases.

Hope Capital’s chief executive, Jonathan Sealey (pictured), said the discounted rate loan tied in with the launch of its fast track bridge product, where rates start from 0.39 per cent up to 65 per cent loan to value (LTV).

Sealey said: “The first half of 2021 has undoubtedly been a very busy time in the specialist lending market and we feel very confident that the demand for bridging finance will remain incredibly strong going forward. This is why we continue to ensure we focus on offering new innovative options which offer flexibility and affordability for the borrower.”

The firm has also added three members to its sales team which will help the lender handle increased business volumes.

He added: “As part of our growth plans, we’ve recruited more great talent, with business development managers now covering all parts of the country. As a result, we felt it was the right time to review our pricing model and reduce our rates, which we feel confident will be a hit in the market.

“We are committed to supporting brokers and ensuring they always have a number of competitive options available to help them meeting their clients’ bespoke needs.”