Hope capital

New bridging products from Hope Capital and Albatross

Hope Capital and Albatross Capital have announced changes to their specialist finance offerings, including new products and reduced rates.

Hope Capital

Following the launch of its eighties collection earlier this month, Hope Capital has introduced the nineties collection.

The two new bridging products — Hope 90 and the Hope 94 — are specifically designed for commercial properties and require a full valuation to determine the value of the property against which the loan will be secured.

Hope 90 has a rate of 0.90% per month and a maximum of 55% LTV on loans up to £900,000, while Hope 94 offers up to 60% LTV with a rate of 0.94% for loans up to £600,000.

Both products will be available throughout England and Wales for a maximum loan period of 12 months to individuals and companies.

They have various repayment options: retained, serviced, part-retained or part-serviced.

Sinead Moynihan, sales director at Hope Capital, said: “The nineties collection will further expand our offering and has been designed to meet the diverse needs of borrowers, their affordability and aspirations.

“Both products are suitable for a variety of purposes, including improving run-down commercial premises, which is proving difficult to obtain a mortgage on in the current climate, funding a new business, and so on.”

Albatross Capital

Albatross Capital — which launched in April 2020 — has reduced its minimum interest rate from 0.85% to 0.74% per month for the rest of February.

The interest rates have also been capped at a maximum of 0.85% per month for the entire month.

The changes apply to all first- and second-charge bridging and refurbishment loan enquiries between £50,000 and £2.5m for residential and semi-commercial properties in the UK.

In addition, the lender has upped its maximum LTV to 75% on loans of up to £500,000 and 70% on those above. 

This is an increase from 65% across all loans, which was its maximum LTV throughout Q4 2020. 

For refurbishment loans, the LTC remains at 70%. 

“Our interest rate drop and LTV increases are a continuation of Albatross’s commitment to the bridging market and our ever-growing broker community,” said Lewis Casserley and Jordan Fearnley Brown, co-founders and principals at Albatross Capital.

“We have set out to lend £80m throughout 2021 and hope that our highly renowned customer service levels, combined with an ongoing focus to provide industry leading products will act as a catalyst to achieving this target.”

Leave a comment