The largest reduction was on semi-commercial properties by 10 basis points (bps) to 0.89% at 70% net LTV.
On residential properties, the rate was reduced from 0.89% to 0.87% at 75% net LTV.
The rate on commercial properties is also down by 7bps to 0.92 at 70% net LTV.
Max Net was introduced to give borrowers maximum upfront liquidity. Borrowers can also access funds required towards the purchase of an asset, as well as an immediate initial refurbishment drawdown following completion.
Since its launch, Max Net has had enquires increase by 30%. The product accounts for 10% of all enquiries and 20% of all new applications.
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Kate Cowan, CFO and COO at Hope Capital Property Finance, commented: “This latest enhancement to our Max Net product is fantastic news for borrowers. With the backing of our newest institutional funding lines, we have been able to respond to market demand for the product while maintaining our consistent responsible lending approach.”
Kim Parker, director of lending operations and commercial strategy at Hope Capital Property Finance, added: “The response to Max Net from the market has been phenomenal, which is why we have listened to broker feedback and enhanced the product even further.
“Max Net delivers maximum upfront liquidity from day one, and by forward funding the refurbishment, it means borrowers can be confident their project can progress without delay.”
