Hope Capital slashes rates and expands offering in Scotland
Hope Capital has today announced it has extended a number of its bridging finance products to enhance its competitive offering in Scotland. This includes increasing the maximum loan amount from £1m to £5m and significantly reducing rates by up to 26%.
Hope Capital’s general rates available in Scotland have also been revamped, so they are now aligned to the firm’s proposition in England and Wales, with non-discounted rates being from 0.70% and discounted rates starting from 0.39%.
In addition to the above, Hope Capital has also announced that its market leading Seventies Collection for residential property and Eighties Collection for mixed-use and commercial property is also now available in Scotland.
The maximum LTVs across all property types has also increased, with the max LTV now being 75% on residential, 70% on mixed-use and 65% on commercial.
The firm has also confirmed it will now be accepting light refurbishment deals on Scottish property. Previously, Hope Capital’s Refurbishment Range was only available in England and Wales. However, owing to the strong demand for refurbishment bridging loans in recent months, with investors increasingly looking at refurbishment and development opportunities, the firm has therefore decided now is the time to expand this offering in Scotland.
The Refurbishment Range consists of two products with rates starting from 0.80% and up to 75% LTV. Refresh, is designed for a property which requires relatively minor upgrades and Renovate, is suitable for more extensive and advanced projects involving structural work. Brokers with light refurb cases can now contact Hope Capital about the range, with medium refurb cases being available by referral.
Gary Bailey, Managing Director of Hope Capital, commented, “It was announced earlier this year that we had entered the Scottish market. Since then, Hope Capital has experienced a consistent high level of enquiries from Scotland, which is why we are confident these product improvements will be well received.
“By providing lower rates, higher LTVs and more product options, we are now even better positioned to offer more innovative and affordable solutions, which will enable brokers and borrowers to be ideally placed to take advantage of new residential, mixed-use and commercial opportunities in Scotland.”