There are two term options on the product:

3-7 months (extended from 6 months) or

3-12 months for borrowers who need a longer term.

 

The extension of the six-month term to seven months has been designed to give the borrower time to put longer-term finance in place, after owning their property for the minimum period required by many mortgage lenders.

 

This extra month ensures the client can meet the six months minimum ownership criteria, providing them with enough time to enable a remortgage, rather than extending or having to re-bridge the loan.

 

The benefit to borrowers of no upfront solicitor’s undertakings makes it easier financially for the borrower, before taking out the loan, as all the only thing they need to pay upfront is the valuation.

"The Hope Seven 5 bridging loan has struck a chord with a lot of brokers and their clients and extending the term from six to seven months helps to makes it an ideal solution for a wider number of borrowers.

“Of course, all borrowers still benefit from Hope Capital’s excellent turnaround times, individual service and direct access to underwriters.”

Gary Bailey, managing director of Hope Capital

Borrowers can use the loans for a range of  purposes including: purchase, re-finance, capital raising and any other business purposes, in addition to transactions where there is a purchase involved. It can be used for a variety of light refurbishment works as well.

 

The Hope Seven 5 is available on residential (non-regulated) property, HMOs, holiday lets and for portfolios of up to three properties.

 

It is available throughout England and Wales on a first-charge basis, for loan periods from three to 12 months. The loan is available to individuals, companies and other legal entities.

 

As with all Hope Capital loans it is only available for non-regulated purchases, so it can be used for a property that will be refurbished or let out, but not for family members to live in.

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