Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Hope Capital Expands Bridging Loan Criteria and Reduces Rates
Hope Capital Property Finance has announced a series of enhancements to its bridging loan criteria, designed to provide brokers with greater flexibility and enable faster completions. The lender has widened access to several key features and reduced pricing across parts of its product range.
Among the changes, Hope Capital Property Finance has increased lending on below-market-value transactions to up to 75% of open market value, subject to a full valuation. The instant valuation threshold for qualifying residential cases has been doubled from £500,000 to £1 million, which the lender says will help accelerate completion times.
The threshold for dual legal representation has also been raised from £750,000 to £1 million, and this option is now available in Scotland. Additionally, the minimum loan size has been reduced from £100,000 to £50,000, making the proposition accessible to a wider range of borrowers.
The enhanced criteria apply to loans from £50,000 to £5 million across England, Wales, and Scotland, with terms ranging from three to eighteen months.
Hope Capital Property Finance has also lowered pricing on several products. Residential products, including light, medium, and heavy refurbishment cases, have seen rates reduced from 0.85% to 0.82% at 75% loan to value (LTV). Maximum net residential pricing has dropped from 0.89% to 0.87% at 75% LTV, while maximum net semi-commercial rates have been cut from 0.99% to 0.89% at 70% LTV. Maximum net commercial pricing has also been reduced from 0.99% to 0.92% at 70% LTV.
The lender’s proposition includes features such as up to 100% of build costs covered, full title insurance, no upfront legal undertaking, dual representation available up to £1 million, and no exit fees.
These changes may be of interest to UK letting agents and inventory clerks working with landlords and property investors seeking flexible bridging finance options.
Source: Mortgage Solutions