Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
Hope Capital Cuts Rates on Max Net Product for Residential and Commercial Properties
Hope Capital Property Finance has announced reductions in rates on its Max Net product, targeting both brokers and borrowers. The changes affect residential, commercial, and semi-commercial properties.
The largest rate reduction applies to semi-commercial properties, with a decrease of 10 basis points to 0.89% at 70% net loan-to-value (LTV). For residential properties, the rate has been reduced from 0.89% to 0.87% at 75% net LTV. Commercial property rates have also been lowered by 7 basis points to 0.92% at 70% net LTV.
The Max Net product was introduced to provide borrowers with maximum upfront liquidity. It allows access to funds for asset purchases and offers an immediate initial refurbishment drawdown following completion.
Since its launch, Max Net has seen a 30% increase in enquiries. The product now accounts for 10% of all enquiries and 20% of all new applications at Hope Capital.
These changes may be of interest to UK letting agents and inventory clerks working with clients seeking flexible finance options for property acquisition and refurbishment.
Source: Mortgage Solutions