Hodge launches mixed use product

This is for borrowers who need finance to purchase a property which is primarily residential but has a commercial element. 

Hodge will provide a single facility which can be used for the purchase of a single property or multiple properties within a portfolio where the residential element makes up more than 51 per cent of the total value. 

Loans range from £500,000 to £10m either across a single loan or aggregate, and terms of up to 10 years are available. Hodge will lend up to 65 per cent loan to value (LTV).  

The blended rate begins from 6.15 per cent and the arrangement fee starts from 1.5 per cent. 

Hodge will allow individual tranche pricing while fixed and variable rate options are available. 

Hodge: ‘Adding mixed use…to support experienced investors’

Kevin Beevers (pictured), managing director of commercial lending at Hodge, said: “Working closely with our highly valued brokers and customers, we know properties comprising both residential and commercial elements can be an attractive investment opportunity, and we also know that securing the right funding from a trusted partner is key to successfully achieving this. 

“When it comes to listening and responding to the needs of its clients, Hodge’s track record is well proven, and it soon became apparent that a more straightforward approach using just one loan was required to help investors pursue the purchase of semi-commercial assets in the current climate.” 

He added: “So, we are adding mixed use finance to our ever-expanding portfolio of commercial products to help support experienced property investors further in accessing funding through a single facility to make the acquisition of residential apartments that include an office or retail unit, for example, as straightforward as it can be. 

“Getting the right kind of financial support in place and working with experienced lenders is the key to making sustainable and successful investments across the commercial property market. We pride ourselves here at Hodge on continuing to adapt and innovate to help our highly valued customers achieve just that, and this latest mixed use financial product is a key part of that ongoing effort.”