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Commercial Credit News
|Hope Capital completes its biggest loan on record|
|Tuesday, 05 July 2016|
Hope Capital has completed a £3.9m loan on a student residential scheme in Stoke on Trent, making it the bridging lender’s biggest loan to date.
This news comes just months after Hope Capital announced that it was increasing its maximum loan size to £5m, with the ability to increase this further for the right deal. Hope Capital is funded purely on family funds which means it has no shortage of funds and enables it to give a guaranteed decision incredibly quickly.
The loan, taken out for a term of nine months, was completed in just five working days during the time that the referendum on the EU was taking place. The client required rapid refinance in order to purchase a new property portfolio. If they hadn’t received the funds they would have lost a sizable deposit.
The loan was made against a modern five storey purpose-built student halls of residence. The accommodation provides a total of twenty studio rooms and 120 ensuite cluster rooms with communal laundry, a gymnasium, a lounge area and a ground floor retail unit. The accommodation was let for the upcoming academic year of 2016 to 2017, with a total income of £800,000.
Jonathan Sealey, chief executive officer of Hope Capital says, “Hope Capital has had a sustained period of growth and we are not only seeing an increase in demand for bridging loans but an increase in our own funds.
“Being 100% privately funded lender that operates on family funds, we have the money available to keep up with this demand. Being able to complete our biggest ever loan, which was just shy of £4m, in just five working days and in the middle of Brexit, is a feat in itself, but highlights Hope Capital’s continued strength and confidence in the market.
“Despite much talk and speculation around short term volatility due to the recent Brexit vote, we are seeing a strong demand from developers and for us to lend increasingly larger amounts of money. As we have a security of funds, we are very much open for business and can therefore continue to boost our loan book.”
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