Hope Capital has made major changes to its residential finish & exit offering, which is designed for projects where the development has still not reached practical completion.
Now providing up to 75% LTV with rates from 0.85%, it also allows dual representation, to help loans to be turned around quickly.
Available across ‘wind & watertight’ properties which are either currently residential or being converted into a residential property, the loan is suitable for the undertaking of light to heavy refurbishment works alongside drawdowns being available.
Key features of the finish & exit product include:
- 75% max LTV
- 70% max GDV
- Rates from 0.85%
- Available across wind and watertight residential properties
- Loans from £100k-£5m
- 3-18 month term
- Dual representation available
- Flexible payment options
- Fast turnaround
- Dedicated underwriter
- No exit fees
The product news follows shortly after the lender announced its latest development exit loan earlier this month, which is aimed at completed residential projects, offering up to 80% LTV, no minimum term, with rates from 0.85%.
Kim Parker (pictured), head of sales at Hope Capital, said: “Our finish & exit product is another fantastic product for borrowers who are looking for a solution to keep their investment plans moving.
“Quite often a borrower will find they have taken out a development or refurbishment loan, feeling confident they will complete the necessary works by a certain date, however when the project stalls, often owing to material shortages being encountered, they panic knowing they must repay existing finances and complete any outstanding works. Our finish & exit loan relives any stress by providing the additional time needed to pay capital back, complete any works and sell the property(s) so the borrower doesn’t lose a significant amount of money.”
Hope Capital has launched its latest product in conjunction with Costcap.
John Dineen, founding director at Costcap, said: “We’re extremely proud to be working in partnership with Hope Capital on this product launch. Having an ‘in-house’ quantity surveyor will mean that projects can be assessed quicker, with clearer outcomes for borrowers from the get-go. We are excited to get started and further strengthen the fantastic relationship we already have.”
