"We have seen a recent surge in demand for good-value bridging loans for residential property."
Hope Capital has launched a new 'Seventies Collection' comprising two new bridging loan products.
Hope 70 offers the lender’s lowest non-discounted rate of 0.70% per month up to 70% LTV and Hope 75 provides the highest LTV at 75% with a rate of 0.75%.
The two new products will be available throughout England and Wales for a loan period of up to 12 months both to individuals and companies. The loan will be available on a 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 7-week offer, which will be available for new enquiries that complete by the 23rd October. 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, said: “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.
“All our new products are designed to provide innovative solutions which offer flexibility and affordability for the borrower.”