Designed for completed projects, the loan can be used to relieve pressure from the borrower who needs to pay outstanding capital back to their existing lender while they need additional time to find the right buyers.

Key features of the development exit loan include 80% maximum LTV (additional security may be required), rates from 0.85%, and no minimum term.

The product applies on one- to 18-month terms for loans from £100,000 to £5m and includes dual representation with no upfront legal undertaking available, and no exit fees.

The deal applies to residential property only.

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Kim Parker, head of sales at Hope Capital (pictured above), commented: “Often, once a borrower has a project which has completed, there will be a limited amount of time to sell the property(s) and, subsequently, pay back the loan.

“Our development exit finance option can therefore be used to raise capital quickly and provide the borrower with vital breathing space to sell the property, while [they] tie up their existing finance obligations.”

Kate Cowan, CFO at Hope Capital, added: “We’ve worked with a significant number of brokers who have clients in need of this lifeline and predict there will be an influx of new borrowers in the same predicament in the near future.

“This is why we want our brokers to be reassured that we have ideal options for their clients to switch to a short-term, possibly lower-cost, funding option.”