"We predict the Hope Seven 5 plan will be particularly useful for breaking a chain when buying a property "
Hope Capital has launched a new bridging loan product, ‘Hope Seven 5’, with a rate of 0.75% per month up to 75% LTV.
The product will be available on a first charge basis for a loan period of up to 12 months on non-regulated residential property up to £750,000.
Individuals and companies can use the loan for property purchase in a range of situations from a straightforward purchase, buying at auction, with or without a light refurbishment or to chain-break a mortgage.
Hope Capital has ringfenced funds for this offer, which will last for as long as this tranche of funding does.
Gary Bailey, managing director of Hope Capital, said: “We have seen a growing demand for good value bridging loans for residential property quick purchases, either as a straightforward investment, or at auction, and to fill the gap due to mortgage delays, so we have launched this new bridging loan to meet these demands.
"We predict the Hope Seven 5 plan will be particularly useful for breaking a chain when buying a property which remains one of the biggest reasons for purchases falling through.”