One month after the bridging lender celebrated its second birthday, it has completed a £1.1m loan for a London property.
CEO of Hope Capital, Jonathan Sealey, said: “This is our largest bridging deal to date. With this particular deal, I won’t say names [although it is a lender everyone in the industry knows], but their current funder was unwilling to extend their funding route and wanted them to either take a two-year fixed rate loan or default. Hope stepped in and was utilised as an exit.”
The clients are property investors with a commercial and residential portfolio. The deal was a first charge over three properties, to make an LTV of 65% work. It took two weeks to complete from when it was first introduced. November 2013 is already Hope’s biggest ever month with over £2.5m lent to borrowers.
Hope’s previous record deal was a £750,000 first charge loan introduced by private financier Steven McColl of Soho Corporate.
