This new Finish & Exit bridging loan product enables borrowers who are in a position where their incomplete residential development can be finished. Light to heavy refurbishment can be undertaken to complete the project, which needs to be wind and watertight as a minimum requirement.
The purpose of the product is to provide the borrower with additional time and to relieve any pressure to repay existing finance, allowing time to complete the new-build residential development. Borrowers with all credit profiles will be considered for this product.
The minimum loan amount on this product is £50k and goes up to a maximum of £5m and is available solely on residential property developments. Loan terms are from 3 – 18 months and this product is designed to be flexible around the needs and circumstances of the borrower and their project(s).
This bridging loan complements the Development Exit finance product also offered by Hope Capital. Brokers and borrowers will be able to select which product best fits the particular project.