"Our finish & exit loan relives any stress by providing the additional time needed to pay capital back"
- Kim Parker, head of sales at Hope Capital
Hope Capital has enhanced its residential finish & exit offering, which is ideal for projects where the development has still not reached practical completion.
Now providing up to 75% LTV with rates from 0.85%, the offering has a range of benefits available, including dual representation, to ensure loans can be turned around extremely quickly.
Available across wind & watertight properties which are either currently residential or being converted into a residential property, the loan is suitable for the undertaking of light to heavy refurbishment works alongside drawdowns being available.
Hope Capital is offering loans from from £100,000 to £5m on 3-18 month terms, with a dedicated underwriter and no exit fees.
Hope Capital has launched the product in conjunction with Costcap as its in-house quantity surveyor.
The product news follows shortly after the lender announced its latest development exit loan earlier this month, which is aimed at completed residential projects, offering up to 80% LTV, with no minimum term and rates from 0.85%.
Kim Parker, head of sales at Hope Capital, commented: “Our finish & exit product is another fantastic product for borrowers who are looking for a solution to keep their investment plans moving.
“Quite often a borrower will find they have taken out a development or refurbishment loan, feeling confident they will complete the necessary works by a certain date, however when the project stalls, often owing to material shortages being encountered, they panic knowing they must repay existing finances and complete any outstanding works. Our finish & exit loan relives any stress by providing the additional time needed to pay capital back, complete any works and sell the property(s) so the borrower doesn’t lose a significant amount of money.”
John Dineen, founding director at Costcap, commented: “We’re extremely proud to be working in partnership with Hope Capital on this product launch. Having an 'in-house' quantity surveyor will mean that projects can be assessed quicker, with clearer outcomes for borrowers from the get-go. We are excited to get started and further strengthen the fantastic relationship we already have.”
