Bridging lender launches 80% LTV deal for medium and heavy refurb
Specialist short-term lender Hope Capital has refreshed its residential refurbishment range by now offering up to 80% loan-to-value (LTV) deals to its brokers and borrowers.
The lender said the brand-new offer enables borrowers to now receive around 15% more funding on their day one borrowings, allowing investors and developers to optimise their cashflow and subsequently maximise returns.
Hope Capital’s 80% LTV product is available on a rolled interest basis at fixed rates starting from 0.99%, up to 70% loan to gross development value and up to a 12-month term for medium and heavy refurbishment projects.
“This is one of several enhancements we’re looking to make this year as we continue to listen to market demand and evolve our offering to demonstrate our commitment to support brokers and borrowers,” Roz Cawood (pictured), director of sales at Hope Capital, said.
“Being able to receive up to 15% more on day one is an extremely appealing proposition and an option which is very rare to find in the market, which is why we feel very confident this will be significant in supporting our brokers and their clients.”
📢 80% LTV Now Available On Medium/Heavy Residential Refurbishments!
— Hope Capital (@HopeCapital) April 17, 2023
Key features:
🌟 80% LTV available on a rolled interest basis
🌟 Up to 15% more Day 1 net
🌟 Up to 70% LTGDV
🌟 Fixed rates starting from 0.99%
🌟 Up to 12-month term
More info: https://t.co/bSLKaTt7AF pic.twitter.com/WelWU0hYVy
For borrowers looking to convert a semi-commercial or a commercial property to a residential asset, Hope Capital will also lend up to 75% LTV day one and 70% gross development value (GDV) on semi-commercial, and up to 70% LTV day one and 70% GDV for commercial properties, with fixed rates starting from 1.09% across both property types.
“We’ve been in the game for over a decade now and the demand for refurbishment bridging loans remains very strong, with investors increasingly looking at refurbishment and development opportunities to either improve the property, increase yield or for capital gain,” Cawood added.
“We fully recognise that while there are many challenges in the current market, there are still a significant number of borrowers who are hungry to find competitive options to enable them to take advantage of investment opportunities. This is why we will continue to be at the forefront of the market, ensuring we are creating solutions so this can be achieved.”
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