Hope Capital updates refurbishment range

The offer allows borrowers to receive up to 15 per cent more funding on their day one borrowings and will allow investors and developers to optimise their cashflow and maximise returns.

The 80 per cent LTV is available on a rolled interest basis and up to 70 per cent loan-to-gross development value can be secured.

Fixed rates start from 0.99 per cent and are available for up to a 12-month term.

Residential properties are eligible, as are medium and heavy refurbishment projects.

For borrowers looking to convert a semi-commercial or a commercial property to a residential asset, the firm will lend up to 75 per cent LTV on day one and 70 per cent gross development value on semi-commercial and up to 70 per cent LTV for commercial properties.

Fixed rates start from 1.09 per cent across both property types.

‘A rare find in the market’

Roz Cawood (pictured), director of sales at Hope Capital, said: “This is one of several enhancements we’re looking to make this year as we continue to listen to market demand and evolve our offering to demonstrate our commitment to support brokers and borrowers.

“Being able to receive up to 15 per cent more on day one is an extremely appealing proposition and an option which is very rare to find in the market, which is why we feel very confident this will be significant in supporting our brokers and their clients.”

Roz continued: “We’ve been in the game for over a decade now and the demand for refurbishment bridging loans remains very strong, with investors increasingly looking at refurbishment and development opportunities to either improve the property, increase yield or for capital gain.

“We fully recognise that while there are many challenges in the current market, there are still a significant number of borrowers who are hungry to find competitive options to enable them to take advantage of investment opportunities. This is why we will continue to be at the forefront of the market, ensuring we are creating solutions so this can be achieved.”