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Hope Capital revamps product range and changes valuation criteria

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  • 31/03/2022
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Hope Capital revamps product range and changes valuation criteria
Short-term lender Hope Capital has revamped rates across its residential bridging and refurbishment, mixed use bridging and refurbishment, commercial bridging and refurbishment and land with planning bridging offerings.

 

It has also made changes to the maximum loan to value accepted on automated valuation model (AVM) and criteria around desktop valuations.

Rates for residential bridging loan and residential refurbishment loan start from 0.59 per cent up to 60 per cent loan to value (LTV), with maximum LTV up to 80 per cent.

Mixed use bridging and refurbishment loan rates start from 0.78 per cent and products are available up to 70 per cent LTV.

Rates for commercial bridging and refurbishment loans start from 0.78 per cent, up to 65 per cent LTV.

Land with planning bridging loan rates start from 0.79 per cent, up to 65 per cent LTV.

The lender will also provide second charge bridging loans when cross charging with a first charge as additional security, so borrowers can maximise their borrowing. This is available up to 70 per cent LTV.

Hope Capital’s maximum LTV for residential AVMs is now 70 per cent, and it will accept desktop valuations on residential properties worth up to £2m up to 75 per cent LTV.

Gary Bailey, managing director of Hope Capital, said: “Throughout 2021 we launched a range of products to accommodate the needs of brokers and their clients. Moving forward, we have revamped our product range, which not only incudes reducing rates, but also repositioning our offering as a whole, so it is clearer and more appealing.

“In turn, this helps enhance the broker experience and solidifies our position within the bridging lending market in terms of affordability and service.”

Last year, total completions at the firm more than doubled and agreements in principle grew by half, which it said showed a “significant increase in conversion rates”.

Roz Cawood (pictured), director of sales at Hope Capital, added: “At Hope Capital, we prioritise listening to brokers and taking their feedback into consideration. As a result, this enables us to deliver a range of competitive and innovative solutions to meet the needs of their clients.

“With the market reaching an all-time high in terms of the interest shown in bridging loans in general, it has become clear that brokers want access to products which are transparent and of course, affordable. The product revamp we have undertaken reflects all of these elements, which is why we feel confident these improvements will be well received.”

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