Hope Capital brings out land without planning permission bridging loan

Previously the lender had only offered a loan for land with planning permission, and this new offering links to its existing product.

The lender said that this gave an opportunity to borrowers who need to secure funding quickly to get a bridging loan on a plot without landing permission.

Rates start from 0.75 per cent on land with planning and 0.99 per cent on land without planning. It is available up to 60 per cent LTV for land with planning and 50 per cent LTV on land without planning.

Terms range from three to 18 months, there are no exit fees and loans start from £150,000. Adverse credit is also considered.

Roz Cawood (pictured), director of sales at Hope Capital, said: “The market for purchasing land is very competitive, which is why many borrowers find themselves in a situation where timescales are tight and they need to access funding quickly to secure the deal.

“At Hope Capital, we are committed to creating new opportunities, which will support brokers and borrowers. This is why we have developed a range of bridging loans for land, both for cases with and without planning permission.

She added: “Our offering provides fast, reliable and flexible solutions for this purpose and can be used for purchasing the plot of land, gaining planning permission, achieving an uplift in value either for sale or to refinance for the development.

“It can be rare to find a finance option which accommodates land without planning cases, so we feel very confident this will be a huge success in the market and will be instrumental in propelling our bridging division into the next stage.”