New lender Hana Capital enters bridging market

Funded by UHNW individuals and family offices, the firm offers facilities from £1m-£50m at up to 70% of OMV, secured against residential, commercial, semi-commercial properties and land with planning in England.

It will also consider loans for light and heavy refurbishments at a maximum 90% LTC.

Borrowers can secure funding on terms up to 24 months, with interest rates from 0.89% per month — facilities also include a 2% arrangement fee, and a broker fee of minimum 1%.

In addition, the lender does not charge any ERCs, processing, extension or exit fees.

Commenting on the launch, Hersh Patel, CEO and founder of Hana Capital, said: “I have observed a significant amount of dissatisfaction and mistrust among brokers, largely due to lenders altering loan terms and abruptly pulling out funding at the last moment.

“We empathize with the frustration and disruption this can cause, and it goes against our core values and principles.”

At a time when the market is fairly volatile — with changing interest rates and lenders adapting their product offerings — Hersh claimed that “new opportunities arise for those who have the means to capitalize on them”.

“As a privately-backed firm, we have the unique advantage of not being bound by the constantly shifting funding line criteria of larger institutions — this enables us to offer true bridging solutions that set us apart from the rest of the market.

“Our lending and underwriting policies are adaptable and customized to individual needs, recognising that a one-size-fits-all approach is inadequate.”