Hope Capital increases maximum refurbishment LTV to 80%

Hope Capital will now provide up to 80% LTV across its medium & heavy refurbishment range.

The change enables borrowers to receive around 15% more funding on their day 1 borrowings.

Fixed rates start from 0.99% up to a 12-month term for medium and heavy refurbishment projects on residential properties.

For borrowers looking to convert a semi-commercial or a commercial property to a residential asset, Hope Capital will lend up to 75% LTV Day 1 & 70% GDV on semi-commercial and up to 70% LTV Day 1 & 70% GDV for commercial properties, with fixed rates starting from 1.09% across both property types.

The latest enhancement aligns with the lender's fixed rate option, the Hope Guarantee, which involves borrower’s rates being fixed for the term of their loan, as soon as Hope Capital’s solicitors have been instructed providing there are no material changes to the application or loan, regardless of any changes in the market.

Roz Cawood, director of sales at Hope Capital, said: “This is one of several enhancements we’re looking to make this year as we continue to listen to market demand and evolve our offering to demonstrate our commitment to support brokers and borrowers.

“Being able to receive up to 15% more on Day 1 is an extremely appealing proposition and an option which is very rare to find in the market, which is why we feel very confident this will be significant in supporting our brokers and their clients.

“We've been in the game for over a decade now and the demand for refurbishment bridging loans remains very strong, with investors increasingly looking at refurbishment and development opportunities to either improve the property, increase yield or for capital gain.

“We fully recognise that while there are many challenges in the current market, there are still a significant number of borrowers who are hungry to find competitive options to enable them to take advantage of investment opportunities. This is why we will continue to be at the forefront of the market, ensuring we are creating solutions so this can be achieved.”