"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"
The refurbishment range comprises three different products, each one providing a different solution tailored to the level of refurbishment the borrower plans to undertake.
The new products 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 LTVs up to 75% on non-regulated residential property, with rates starting from 0.69% for loans on residential properties up to £3m. 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, commented: “Hope Capital’s short-term loan products are designed to meet the diverse needs of borrowers, their affordability and aspirations.
“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.
“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.”
