As a result, Hope Capital started 2021 by launching the Refurbishment Range, a set of products specifically designed for borrowers undertaking property refurbishment projects. The three new products include Refresh, when a property requires relatively minor upgrades, Renew, a property needing moderate repairs, redecoration and refurbishment and Renovate, suitable for more extensive and advanced projects.
The Refurbishment Range provides LTVs up to 75% on non-regulated residential property. It also provides borrowers with the option of a fantastic rate, starting from just 0.69% for loans on residential properties up to £3m. Hope Capital’s range provides up to 100% funding, for a loan term between 6 – 18 months and is available throughout England and Wales.
The Refurbishment Range will further expand Hope Capital’s offering to brokers and borrowers, by providing numerous options to meet this market demand.
In addition, another trend we witnessed in 2020, is the surge in property acquisition via auction. This option has many benefits, including less competition compared with buying in the traditional way, as well as possibly having the opportunity to purchase at a reduced price. Properties purchased via auction will often meet the needs of investors who are looking at refurbishment projects and provides an additional route to available premises.
A bridging loan is a perfect solution to fund auction purchases which are required to complete in strict timescales and more so if the buyer does not have the capital upfront and therefore should definitely consider short-term finance as an option this year.
While it is difficult to predict what will happen in 2021, especially with the recent government announcement of the third national lockdown, there will always be investment opportunities for borrowers. The most important thing is to find a lender who will provide innovative solutions, support, and in a quick and efficient manner, which will help investors reach their ambitions in these challenging times.