You are here: Home - Specialist Lending - Bridging -

Hope Capital revamps refurbishment range; Castle Trust Bank adds deals – round-up

by:
  • 21/05/2024
  • 0
Hope Capital revamps refurbishment range; Castle Trust Bank adds deals – round-up
Specialist lender Hope Capital has lowered rates across its residential medium refurbishment offering.

Hope Capital’s residential medium refurbishment loan is now available providing up to 75% loan to value (LTV) day one at 0.99% with a loan on properties worth up to £5m for a 3-18-month term.

Medium refurbishment is aimed at projects needing moderate to extensive repairs, including extensions, change of use, and conversions, and can also cover projects that require permitted development rights or planning permission.

Other features include going up to 70% gross development value (GDV), dual representation, title insurance, no exit fees, dedicated underwriters, no upfront legal undertaking, desktop valuations depending on work schedule, range of payment options, accepting experienced and inexperienced borrowers and the ability to add additional securities to cover 100% funding.

Kim Parker, head of sales at Hope Capital, said: “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.”

“With our latest offering, our clients can receive up to 75% LTV day one and up to 70% GDV, with the ability to cover 100% of the cost of works, meaning we can support our borrower with as much capital as possible to undertake their project.

“At Hope Capital, we make it our priority to regularly review the market, listen to our brokers and their clients, to see what the demand is, so we can create and deliver innovative bridging loan solutions to meet a diverse range of borrower’s needs.”

 

Castle Trust Bank releases specialist edition bridging deals and cuts rates

Castle Trust Bank has brought out special-edition rates in its light and heavy refurbishment bridging loans for cases that complete before the end of July.

Special-edition rates in its light refurbishment range have been reduced from 0.85% to 0.8% on LTVs between 70% and 80%. There are no time limitations to qualify for the new rate for LTVs up to 65%, which has been reduced from 0.85% to 0.75% per month.

In its heavy refurbishment range, special-edition pricing has been cut from 0.95% to 0.9% on LTVs between 70% and 80%. There are no time limitations to qualify for the new rate for LTVs up to 65%, which has been slashed from 0.95% to 0.8% per month.

Standard Bridge products up to 70% LTV gross have fallen to just 0.75% per month, down from 0.85% with no time limitations to qualify for these rates.

Anna Lewis, commercial director at Castle Trust Bank, said: “Castle Trust Bank’s market-leading bridging range has gone from strength to strength since its launch, particularly with the introduction of net LTV calculations on our specialist light and heavy refurb products, which allow fees and interest to be added above the maximum LTVs.

“We’re delighted to now be able to make the range even more attractive to property investors, with this round of special edition pricing in the key 70-80% LTV band, together with other rate reductions at lower LTVs.”

There are 0 Comment(s)

You may also be interested in