It provides additional funding for projects, with extended terms and streamlined processes
Specialist short-term lender Hope Capital has introduced a new flip loan aimed at borrowers seeking additional funding to complete refurbishment works on residential, semi-commercial, and commercial properties.
The loan offers up to 75% loan-to-value (LTV) at a rate of 0.99% and allows borrowers to extend their initial bridge loan to an additional 18-month term, providing cost-saving benefits and a faster financing process for those looking to refurbish properties.
The product features a 12-month bridge loan plus an 18-month refurbishment term available across all property types, flexible payment options, and reduced title insurance fees. There is no minimum term on the initial purchase bridge if the flip loan is taken, and existing identification can be utilised if the loan is refinanced within six months.
The facility fee is only charged on the new funds, and there are no exit fees for light and medium refurbishment projects. The lender also promises a faster turnaround with a streamlined underwriting process, and legal costs are included.
Thought your borrower could only secure a bridging loan for up to 12 months?
— Hope Capital (@HopeCapital) September 5, 2024
We’re flipping our offering on its head!
Discover more here: https://t.co/Y75eSgXhUK pic.twitter.com/b0AlGUSbVb
“Our latest loan flips everything brokers and borrowers know about our offering on its head,” said Kim Parker (pictured), head of sales at Hope Capital. “Firstly, not only can we now provide a significantly longer loan term, but it removes the requirement of having to pay certain fees again. This not only provides a greater level of affordability to the borrower, but it also means they have more time and flexibility to capitalise from their loan.
“Secondly, by flipping onto a new loan with us, our clients won’t need to restart a new application from scratch, resulting in them experiencing a much more streamlined and significantly quicker experience compared to moving to another lender.
“We foresee there being a huge demand for this product, and we’re looking forward to offering this to both our existing clients, as well as borrowers who are looking to access an initial loan, with plans to then undertake refurbishment works in the future.”
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