Hope Capital has reduced the rate of its residential finish and exit offering and teamed up with quantity surveyor Costcap to offer users an in-house valuation service to speed up the time to completion.
Due to an increased level of enquiries, Hope Capital has relaunched its finish and exit deal with rates available from 0.85% while maintaining a maximum loan to value (LTV) of 75%/70% gross development value.
The offering is available across wind and watertight properties that are either currently residential or being converted into a residential property.
The loan is suitable for the undertaking of light to heavy refurbishment works. Drawdowns are also available.
In-house valuer
Hope Capital has launched its latest product in conjunction with quantity surveyor Costcap.
Additional features of the offering include a minimum and maximum loan amount of £100,000-1.5m, dual representation, flexible payment options and no exit fees.
Kim Parker (pictured), head of sales at Hope Capital, said: “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 and exit loan relieves any stress by providing the additional time needed to pay capital back, complete any works and sell the property so the borrower doesn’t lose a significant amount of money.”
John Dineen, founding director at Costcap, said: “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.”
Earlier this month, Hope Capital launched a development exit product range at 80% LTV, with pricing starting at 0.85%.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.
