Hope Capital Property Finance has launched a Max Net bridging loan product for semi-commercial and commercial properties, extending a proposition previously available on residential assets.
The short-term lender said the product was designed to give borrowers higher upfront liquidity from day one, including funds towards the purchase of an asset and an initial refurbishment drawdown after completion.
The product offers 75% net loan-to-value on residential property at 0.89%, and 70% net loan-to-value on semi-commercial and commercial property at 0.99%.
Hope Capital said the product can be used for purchase, refinance and capital raise cases alongside works. Refurbishment funds are forward funded throughout the loan term, with releases made on the same day the monitoring agent’s report is received, whether conducted remotely or in person.
The product has a flat, fixed rate regardless of scheme size, no exit fees, full title insurance and flexible payment options. Loans are available from £100,000 to £5 million, with terms from three to 15 months.
Other features include dual legal representation up to £750,000, no upfront legal undertaking up to £1 million, and up to 100% build costs covered.
Kim Parker (pictured), director of lending operations and commercial strategy at Hope Capital Property Finance, says: “In the current climate, confidence in funding is more important than ever for those looking for bridging finance.
“With the launch of Max Net, borrowers’ will be able to access maximum upfront liquidity on residential, semi-commercial and commercial properties without delay.
“For borrowers embarking on refurbishment projects, speed is crucial, having funds available from day one is vital, not just for the purchase, but to get works underway immediately. That’s exactly what Max Net delivers, and why we anticipate huge demand amongst both our existing clients, and new borrowers.”
Hope Capital said the product would give borrowers a more secure way to access initial funds and progress refurbishment projects without delay.
