Hope Capital has recently launched a new bridging loan called ‘Hope Seven 5’. The new product is available on a first charge basis up to 75% loan-to-value (LTV) for residential properties up to £750,000. Borrowers can only use this bridging loan for non-regulated sales, for example to buy residential properties as an investment. This new bridging loan can only be used for properties in England and Wales at a rate of 0.75% for no longer than a 12-month term.
The new offer will only be available for as long as the tranche of funds set aside for this product lasts.
Gary Bailey, managing director said: “We have seen a growing demand for good value bridging loans for residential property, so we have launched this new bridging loan to meet this demand. We predict that it will be particularly useful for breaking a chain when buying a property as this is one of the biggest reasons for purchases falling through.”
