Hope Capital has introduced on 5th January a new range of bridging loans specifically designed for borrowers undertaking property refurbishment projects.
The new offering comprises three products, each one providing a different solution tailored to the level of refurbishment the borrower plans to undertake:
- Refresh — when a property requires relatively minor upgrades
- Renew — a property needing moderate repairs, redecoration, and refurbishment
- Renovate — suitable for more extensive and advanced projects.
The range provides LTVs of up to 75% on unregulated residential property and up to 100% funding for loan terms between six and 18 months.
It also offers borrowers rates starting from 0.69% for loans on residential properties throughout England and Wales of up to £3m.
Gary Bailey, managing director at Hope Capital (pictured above), commented: “There is definitely a strong demand for refurbishment bridging loans, even more so in the current climate, when investors are increasingly looking at refurbishment and development opportunities, to either improve the property, increase yield or for capital gain.
“Property refurbishment finance can be used for a wide range of requirements, from light internal redecoration, through to large extensive projects or change-of-use projects, and are ideal for those who do not have the additional funds needed, however are looking to improve their property and therefore add value.
“We are looking forward to supporting our partners and clients with these options and continuing to deliver the same exceptional service.”
Source: Bridging & Commercial, January 7, 2021.