Hope Capital Property Finance has reduced rates across its Max Net bridging product range following strong broker demand and the launch of new institutional funding lines.
The lender has reduced pricing across its residential, semi-commercial and commercial Max Net products, with the largest reduction applying to semi-commercial cases, where rates have fallen by 10 basis points.
The revised rates are 0.87% for residential loans up to 75% net LTV, down from 0.89%; 0.89% for semi-commercial loans up to 70% net LTV, reduced from 0.99%; and 0.92% for commercial loans up to 70% net LTV, down from 0.99%.
Hope Capital says the reductions reflect strong broker uptake of the product since its launch earlier this year, alongside the strength of its latest institutional funding lines, which were announced last week.
The lender says enquiries for Max Net have increased by 30% since launch. The product now represents 10% of all enquiries and 20% of new applications.
Max Net is designed to provide borrowers with maximum upfront liquidity by funding both the purchase of an asset and an initial refurbishment drawdown immediately after completion, allowing works to begin without delay.
The product is available on residential, semi-commercial and commercial properties and can be used for purchases, refinancing and capital raising alongside refurbishment works.
It offers forward-funded refurbishment tranches, flat fixed rates, no exit fees, flexible payment options and loans ranging from £50,000 to £5 million over terms of three to 15 months. It is available across England, Wales and Scotland.
Kate Cowan (pictured, right), chief financial and operating officer at Hope Capital Property Finance, says: “This latest enhancement to our Max Net product is fantastic news for borrowers.
“With the backing of our newest institutional funding lines, we have been able to respond to market demand for the product while maintaining our consistent responsible lending approach.”
Kim Parker (pictured, left), director of lending operations and commercial strategy at Hope Capital Property Finance, adds: “The response to Max Net from the market has been phenomenal, which is why we have listened to broker feedback and enhanced the product even further.
“Max Net delivers maximum upfront liquidity from day one, and by forward funding the refurbishment, it means borrowers can be confident their project can progress without delay.”
