"We listened to our broker partners and the needs of their clients, so extending the term from six to seven months helps to makes it an ideal solution for a wider number of borrowers."
Hope Capital has enhanced the criteria on its Hope Seven 5 bridging product.
There are two term options on the product: either 3–7 months (extended from 6 months) or up to 12 months. The extension of the six-month term ensures the client can meet the six months minimum ownership criteria, providing them with enough time to enable a remortgage, rather than extending or having to re-bridge the loan.
Previously the loan was for property purchase only, but it is now available for a range of other purposes including light refurbishment works, for purchases at auction, to chain-break a mortgage, capital raising for almost any purpose, or re-financing.
The Hope Seven 5 loan is available up to 75% LTV from 0.75% per month on non-regulated residential property, HMOs, holiday lets and for portfolios of up to three properties. There are no upfront solicitors’ fees as these are taken from the loan on completion.
Gary Bailey, managing director of Hope Capital, said: “The Hope Seven 5 bridging loan has struck a chord with a lot of brokers and their clients and has been recognised as a popular bridging loan ever since we introduced it at the end of September last year.
“We listened to our broker partners and the needs of their clients, so extending the term from six to seven months helps to makes it an ideal solution for a wider number of borrowers. This will save the borrower any potential extension fees or other refinancing costs before they can get the mortgage in place.
“The fact that it can be used as chain-break finance as well as for light refurbishment projects has contributed to its popularity. Therefore, it made sense to broaden its use out to those who may need it for refinance deals or capital raising as well as for purchases.
“Of course, all borrowers still benefit from Hope Capital’s excellent turnaround times, individual service and direct access to underwriters.”