Hope Capital launches new 18-month 'flip loan' for completion of refurbishment works

Hope Capital has introduced a new 'flip loan' targeting borrowers who are looking to secure additional funding to complete refurbishment works across residential, semi-commercial and commercial property types.

The product features rates from 0.99% up to 75% LTV and enables borrowers to move swiftly from their initial bridge up to an additional 18-month term.

There is no minimum term on the initial purchase bridge if the flip loan is taken and the existing identification can be utilised, if within six months of initial loan term.

A facility fee is only charged on the uplift on new funds and Hope Capital charges no exit fees on light and medium refurbishment works.

The product also offers a reduced title insurance fee and a quicker underwrite process, with legal costs included.

Kim Parker, head of sales at Hope Capital, commented: “Our latest loan flips everything brokers and borrowers know about our offering on its head. Firstly, not only can we now provide a significantly longer loan term, but it removes the requirement of having to pay certain fees again. This not only provides a greater level of affordability to the borrower, but it also means they have more time and flexibility to capitalise from their loan.

“Secondly, by flipping onto a new loan with us, our clients won’t need to restart a new application from scratch, resulting in them experiencing a much more streamlined and significantly quicker experience compared to moving to another lender.

“We foresee there being a huge demand for this product and we’re looking forward to offering this to both our existing clients, as well as borrowers who are looking to access an initial loan, with plans to then undertake refurbishment works in the future.”