Hope Capital Property Finance has widened its bridging criteria and reduced selected rates as it seeks to offer brokers greater flexibility across residential, semi-commercial and commercial cases.
The specialist lender will now consider below-market-value transactions at up to 75% of open market value, subject to a full valuation.
Instant valuations are available on qualifying residential cases worth up to £1 million, compared with a previous limit of £500,000. The threshold for dual legal representation has also risen from £750,000 to £1 million, with the facility now available in Scotland.
Hope Capital will allow refurbishment works to be forward funded in tranches, subject to monitoring controls. It has also reduced its minimum loan from £100,000 to £50,000.
The revised proposition covers loans from £50,000 to £5 million in England, Wales and Scotland, with terms ranging from three to 18 months.
Pricing for residential loans, including light, medium and heavy refurbishment cases, has been reduced from 0.85% to 0.82% at 75% loan-to-value. The rate on Max Net residential deals at 75% loan-to-value has fallen from 0.89% to 0.87%.
Max Net semi-commercial pricing at 70% loan-to-value has been cut from 0.99% to 0.89%, while the equivalent Max Net commercial rate has fallen from 0.99% to 0.92%.
Kim Parker, director of lending operations and commercial strategy at Hope Capital Property Finance, says: “These enhancements represent a further step in our exciting journey as we continue to evolve our proposition and deliver greater value, flexibility and certainty for brokers and borrowers.
“By combining competitive rates with improved criteria and a range of key features, we are making it easier for borrowers to access the funding they need and complete their projects with confidence.
“Our proposition continues to provide practical solutions for the specialist property market, including 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 latest enhancements demonstrate our ongoing commitment to listening to brokers, removing barriers and creating a proposition that supports more successful outcomes.”
The lender said its expanded institutional funding capacity and internal operational changes had supported the criteria revisions and reductions to its Max Net pricing.
Kate Cowan (main picture), chief financial and operating officer at Hope Capital Property Finance, adds: “Underpinning these improvements is the strength and stability of our funding structure, which continues to support our ability to develop our proposition as the market evolves.
“We remain focused on listening to broker feedback and identifying opportunities to enhance the service and solutions we provide.
“With the strength of our new funding lines and further internal operational efficiencies, we have been able to pass on savings to borrowers while maintaining our disciplined, consistent lending approach.”
