Hope Capital has enhanced its Hope Seven 5 bridging product due to demand from brokers and borrowers.
The Hope Seven 5 now offers a seven-month term, extended from six months, as well as a 12-month term.
This enhancement hopes to provide borrowers with an ideal solution when they need to have owned the property for a minimum of six months before they can put a longer-term mortgage in place.
The Hope Seven 5 is also now available for a range of different purposes including refinance and capital raising in addition to transactions where there is a purchase involved.
There are no upfront solicitors’ undertakings as these are taken from the loan on completion.
The Hope Seven 5 loan is available at a rate of just 0.75% per month, up to 75% LTV on non-regulated residential property up to £750,000.
It is available throughout England and Wales on a first-charge basis, for loan periods from three to 12 months.
The loan is available to individuals, companies and other legal entities.
Previously the loan was for property purchase only, but Hope Capital has now made it available for a range of other purposes.
There are two term options on the product either 3–7 months (extended from 6 months) or for borrowers who need a longer term, Hope Capital can offer up to 12 months.
The Hope Seven 5 is available on residential (non-regulated) property, HMOs, holiday lets and for portfolios of up to three properties.
Gary Bailey (pictured), managing director of Hope Capital, says, “The Hope Seven 5 bridging loan has struck a chord with a lot of brokers and their clients and has been recognised as a popular bridging loan ever since we introduced it at the end of September last year.
“We listened to our broker partners and the needs of their clients, so extending the term from six to seven months helps to makes it an ideal solution for a wider number of borrowers.
“This will save the borrower any potential extension fees or other refinancing costs before they can get the mortgage in place.
“The fact that it can be used as chain-break finance as well as for light refurbishment projects has contributed to its popularity.
“Therefore, it made sense to broaden its use out to those who may need it for refinance deals or capital raising as well as for purchases.
“Of course, all borrowers still benefit from Hope Capital’s excellent turnaround times, individual service and direct access to underwriters.”