The loan is for the purchase of a large mixed use building and the loan duration is for three months in which time major refurbishment and redevelopment works will be completed on the property.
Hope Capital has been in business for just over three years and in that time has steadily increased its loan sizes. The fact that it is a true principal lender with its own funds has meant that it can lend outside of its core criteria if the deal is right as every loan is looked at on its own merits – as was the case with this deal.
The demand for loans from Hope Capital is increasing to such an extent that it had to increase its staff numbers several times last year. Hope saw no let up at the end of the year when most of the market experienced a slow down and the beginning of this year has been the most successful in the company’s history.
Jonathan Sealey, chief executive officer of Hope Capital, said: “Hope Capital is expanding rapidly, having doubled its loan book in the last year.
“As the credibility and reputation of our company grows we are seeing increasing demand for higher loan sizes.
“We have our own funds and are not reliant on an external credit committee so we can be completely flexible; therefore we can look at a loan of any size as long as it’s a good case with the right security and the right exit route.
“This flexibility and surety of decision is proving increasingly attractive to brokers and their clients which is reflected in the success of this recent, large loan request.”
John McNamara, chief executive of Focus Commercial, who brokered the deal, added: “Once again Hope Capital has delivered service, speed and reliability.
“We have placed clients with Hope Capital before and we knew this loan would be more than double Hope Capital’s usual maximum loan size, but we had the confidence and trust in Hope to approach them as they are a flexible lender which takes a positive commercial lending view.
“Hope Capital also had the belief in Focus Commercial’s ability to back our judgement and delivered with speed and dedication to get the deal completed in a very short time.”