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TODAY'S OTHER NEWS

Forget the noughties – Hope Capital launches seventies collection

Hope Capital has launched the ‘seventies collection’, which comprises two new bridging loan products.

The HOPE 70 products offer a low rate of 0.70% per month and up to 70% loan-to-value (LTV) on non-regulated residential property up to £770,000.

Meanwhile, the HOPE 75 bridging loan has an LTV of 75% with a rate of 0.75% for residential properties up to £575,000.

Both products will be available to individuals and companies throughout England and Wales for a loan period of up to 12 months. The loan will be available on the first charge basis.

Borrowers can use the loans for property purchases in a range of situations; from a straightforward purchase, buying at auction, with or without a light refurbishment, or to chain-break a mortgage.

Additionally, the loan can be used to refinance existing debt and give the borrower time to put in place a longer-term finance solution.

Hope Capital has ringfenced funds for this seven-week offer, which will be available for new enquiries that complete by October 23. Funds will be allocated on a first-come, first-served basis.

The seventies collection can be used alongside elements of the recently launched ‘custom collection’, which comprises six different products, features and options.

Gary Bailey, managing director of Hope Capital, says: “We have seen a recent surge in demand for good-value bridging loans for residential property.”

“We anticipate the Seventies Collection will meet this market demand, and be particularly useful for securing immediate funding whilst mainstream lenders are unable to meet the needs of borrowers in the timeframes they require to seize the opportunities.”

He concludes: “All our new products are designed to provide innovative solutions which offer flexibility and affordability for the borrower.”

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