The £750,000 loan secured with a first charge on a property in Bolton was completed on Friday.
CEO of Hope Capital, Jonathan Sealey commented:
"This is our largest bridging deal to date, and is our current maximum loan amount, which is currently £750k. We increased our maximum loan amount in June 2013 and have seen an influx of activity with larger deals since, some are even over the maximum loan value. Brokers are realising that as we used our own private funds to facilitate bridging loans; if we like a bridging deal we can look to lend on it even if it is somewhat outside our current lending criteria. When we received this case from Steven, the client had been offered a debt forgiveness deal providing the case was completed within a specific timescale, we were keen to complete this deal swiftly to allow the client, a respected property developer to take advantage of this deal.”
He continued:
“As Hope Capital is a true principle lender using private funds, we are able to break away from a rigid model of lending criteria many bridging finance companies have in place. We will always be as flexible and as entrepreneurial as possible for borrowers who require short term, property backed finance. This deal coupled with other drawdowns last week including a same week drawdown has resulted in September 2013 being our most successful month yet, and we still have a number of drawdowns due.”
Steven McColl of Soho Corporate commented:
"We specialise in unique cases that need one to one lender attention to detail, this deal very much was one of those, and we were delighted that Jonathan and the hope team were so hands on in working through this case with us and seeing it through to completion."
