Hope Capital has announced substantial rate reductions on its residential medium refurbishment loans. This means lower costs for those looking to upgrade or renovate their homes. These loans are now more affordable and accessible, making it an excellent time for property investors and homeowners to consider starting their renovation projects.
Hope Capital’s updated loan offer is especially appealing because it now allows borrowing up to 75% of the property’s value right from day one, with interest rates starting as low as 0.99%. This loan can be applied to properties valued up to £5 million and is available for terms ranging from three to 18 months.
The medium refurbishment loan is designed for a wide array of projects. Whether you’re planning moderate repairs, extensive renovations, adding extensions, changing the use of your property, or even converting buildings, this loan can cover it all. It is also suitable for projects that require permitted development rights or need planning permission.
Flexible Features for Diverse Needs
To make these loans even more flexible and borrower-friendly, Hope Capital includes several key features:
- Up to 70% Gross Development Value (GDV): This allows borrowers to finance a significant portion of their project’s total expected market value after renovations.
- Dual Representation: This simplifies the legal process by having one lawyer represent both the lender and the borrower.
- Title Insurance Use: Offers protection against potential property ownership issues, speeding up the transaction.
- No Exit Fees: Borrowers can repay their loan without worrying about additional charges.
- Dedicated Underwriter: Ensures personalised service and attention to each borrower’s specific needs.
- No Upfront Legal Undertaking: Reduces initial costs for borrowers.
Commitment to Market Needs
Kim Parker, the head of sales at Hope Capital, emphasises the ongoing strong demand for refurbishment bridging loans. According to Parker, investors are increasingly looking at refurbishment and development opportunities to enhance properties, boost rental yields, or achieve capital gains.
With the new loan offerings, Hope Capital aims to provide maximum financial support for borrowers to complete their renovation projects successfully. Parker adds, “At Hope Capital, we make it our priority to regularly review the market, listen to our brokers and their clients, to see what the demand is, so we can create and deliver innovative bridging loan solutions to meet a diverse range of borrower’s needs.”