Specialist short-term lender Hope Capital has launched a finish and exit bridging loan product.
The product offers up to 75% loan-to-value (LTV), with rates starting from 0.70% per month, and it is suitable for projects where the development has still not been finished.
The minimum loan amount on the product is £70,000 and goes up to a maximum of £5m, which is available on residential property developments located in England and Wales.
Loan terms are from three to 18 months with this product being designed to be flexible around the needs and circumstances of the individual borrower and their specific project.
The new loan enables borrowers to undertake light to heavy refurbishment projects, with drawdowns being available. Alternatively, it can be used to repay existing finances and complete any outstanding works.
Roz Cawood, director of sales at Hope Capital, said: “The finish and exit bridging loan says what it does on the tin, finishing up projects before exit.
“We decided to launch this product after noticing there were a significant number of investors and developers who required funds to finish a development to pay off their existing development loan.
“The bridging loan provides the borrower with much needed additional breathing space and relives any pressure to pay outstanding capital back to the lender if they are unable to do so on time.”