Hope Capital launches finish and exit bridging product

Hope Capital has introduced a new finish and exit bridging product to its range.

The new option offers loans between £70,000 and £5m for residential property developments in England and Wales which have not been finished due to different reasons, including project overruns or issues with material supplies.

Rates for the product start from 0.70% at up to 75% LTV, on loan terms between three and 18 months.

The new option enables borrowers to undertake light to heavy refurbishment projects, with drawdowns being available, or to repay existing finances and complete any outstanding works.

This follows the launch of Hope Capital’s development exit loan in September, available from 0.69% per month at up to 80% LTV.

Roz Cawood, director of sales at Hope Capital (pictured above), said: “The finish and exit bridging loan says what it does on the tin: finishing up projects before exit. 

“We decided to launch this product after noticing there were a significant number of investors and developers who required funds to finish a development to pay off their existing development facility.

“The finish and exit bridging loan provides the borrower with much-needed additional breathing space and relives any pressure to pay outstanding capital back to the lender if they are unable to do so on time.

“At Hope Capital, we make it our mission to regularly review the market and listen to our brokers and their clients to see what the demand is, so we can create and deliver innovative bridging loan solutions to meet a diverse range of borrower’s needs. 

“The development exit loan has already received a significant number of enquiries, so we are confident the finish and exit loan will generate a similar response.”

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