Bridging lender completes its biggest ever loan

The lender completed the £3.9m loan on a student residential scheme in Stoke-on-Trent after raising its maximum loan size from £1.5m to £5m in November 2015.

Hope provided the funds in just five days, despite the financial turmoil left in the wake of the EU referendum.

Jonathan Sealey, CEO of Hope Capital, said: “Being able to complete our biggest-ever loan, which was just shy of £4m, in just five working days and in the middle of Brexit, is a feat in itself, but highlights Hope Capital’s continued strength and confidence in the market.

“Despite much talk and speculation around short-term volatility due to the recent Brexit vote, we are seeing a strong demand from developers and for us to lend increasingly larger amounts of money.

“As we have a security of funds, we are very much open for business and can therefore continue to boost our loan book.”

The nine-month loan was made against a five-storey student halls of residence, featuring 20 studios and 120 en suite cluster rooms.

The purpose-built property also boasts a gymnasium, a lounge and a ground-floor retail unit, contributing to a total income of £800,000 for the upcoming academic year of 2016 to 2017.

Jonathan said the deal reflected Hope Capital’s growing success. 

“Hope Capital has had a sustained period of growth and we are not only seeing an increase in demand for bridging loans, but an increase in our own funds,” Jonathan explained.

“Being [a] 100% privately funded lender that operates on family funds, we have the money available to keep up with this demand.”