The ‘finish and exit’ loan is available up to 75 per cent loan to value (LTV), with rates starting at 0.7 per cent per month. It has a minimum loan size of £70,000 up to a maximum of £5m, and is available in England and Wales. Loan terms run from three to 18 months.
The lender said the product would cover light to heavy refurbishment projects, with drawdowns of funds available, while it could also be used to repay existing loans and to complete outstanding works.
Roz Cawood (pictured), director of sales at Hope Capital, revealed the product had been designed after the lender realised significant numbers of investors and developers required funds to finish off a project and repay their existing development loan.
She added: “The ‘finish and exit’ bridging loan provides the borrower with much needed additional breathing space and relieves any pressure to pay outstanding capital back to the lender if they are unable to do so on time.”