The bridging product will release refurbishment funds on the same day that the monitoring agent’s report is received and offer 75% net at 0.95%.
Works are forward funded through the loan term, which will give borrowers more “confidence and cash flow”.
The deal is available for light, medium and heavy works, with loans from £100,000 to £5m up to 70% gross development value.
The lender added that the product can qualify for instant valuation at no cost to the borrower for light works, desktop valuations within 48 hours for light works, full title insurance, no upfront legal undertaking up to £1m and dual representation up to £750,000.
There are also no exit fee, flexible payment options, 3-18-month terms and up to 100% purchase price available with additional security as a first or second charge.
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Kim Parker, head of sales at Hope Capital, said: “In today’s market, speed and certainty are more important than ever. Our new 75% net product is built for clients who need maximum upfront liquidity, and the assurance that they can access it without delay.
“For borrowers embarking on refurbishment projects, having funds available from day one is crucial, not just for the purchase, but to get works underway immediately. That’s exactly what this product delivers, and we’re excited to bring it to market.”
Hope Capital recently restructured its portfolio management division, secured an enhanced funding facility from Shawbrook and launched a commercial conversion loan.
