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.
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“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.”
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