The lender’s reductions consist of a residential bridging loan drop from 0.99% to 0.92%, with the product at 75% LTV, with semi commercial bridging loans reduced from 1.19% to 1.05% at 70% LTV, and finally commercial bridging loans are reduced from 1.25% to 1.09% at 65% LTV.
The new offering is available on loan amounts between £100,000 to £5m, across England, Wales and Scotland for a term of three to 18 months.
Hope’s new offering means a single rate can be applied to projects including structural and non-structural light, medium and heavy refurbishment cases, whereas previously rates were priced depending on the specific deal and level of works.
The rate drop follows the firm’s launch of its clean credit loan in November.
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Kim Parker, head of sales at Hope Capital (pictured above), commented: “Not only is this the biggest rate reduction we’ve ever made, but it’s also one which revolutionises our offering altogether.
“We appreciate there is nothing more frustrating than lenders who say, ‘rates from’. Our new offering is clear, without any misleading jargon, so brokers immediately know what their clients can benefit from in terms of rates and LTVs.
“Not forgetting the cost effectiveness of having access to a single rate, which we anticipate will be particularly advantageous to support the level of medium refurbishment enquiries we receive.
“With the Bank of England’s unpredictable rate cycle, we want to ensure we’re creating opportunities for our borrowers to utilise short-term lending to capitalise from their investment plans.”
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