Specialist short-term lender Hope Capital has launched a brand-new range of bridging loans specifically designed for borrowers undertaking property refurbishment projects.
The new products in its Refurbishment range include ‘Refresh’, when a property requires relatively minor upgrades; ‘Renew’, a property needing moderate repairs, redecoration and refurbishment and ‘Renovate’, suitable for more extensive and advanced projects.
The range provides loan-to-values (LTVs) up to 75% on non-regulated residential property, as well as a borrowing rate starting from of 0.69% for loans on residential properties up to £3 million.
Hope Capital’s range provides up to 100% funding, for a loan term between 6-18 months and is available throughout England and Wales.
Gary Bailey, managing director of Hope Capital, comments: “There is definitely a strong demand for refurbishment bridging loans, even more so in the current climate, when investors are increasingly looking at refurbishment and development opportunities, to either improve the property, increase yield or for capital gain.”
“Property refurbishment finance can be used for a wide range of requirements, from light internal redecoration, through to large extensive projects or change of use projects and are ideal for those who do not have the additional funds needed, however, are looking to improve their property and therefore add value.”
He adds: “The Refurbishment range is a brand-new product collection for Hope Capital and will further expand our offering to existing brokers and borrowers, as well as reaching a new audience. We are looking forward to supporting our partners and clients with these options and continuing to deliver the same exceptional service.”
The launch follows the release of the Seventies Collection, released in September 2020, which provides fast, tailored and personal loans for brokers and borrowers.