Lender cuts minimum loan size to £50,000 and doubles instant valuation
Hope Capital Property Finance has introduced a series of criteria changes across its specialist lending range, expanding access for brokers and borrowers while reducing pricing on several product types.
The lender has cut its minimum loan size from £100,000 to £50,000, broadening the range of borrowing requirements it can accommodate. The threshold for instant valuations on qualifying residential cases has doubled from £500,000 to £1 million, a move the lender says will help accelerate completion times.
Dual legal representation is now available on loans up to £1 million, raised from £750,000, and has been extended to Scotland for the first time. On refurbishment lending, works can now be forward funded in tranches, giving borrowers greater flexibility over project cash flow.
Hope Capital will also consider lending up to 75% of open market value on below-market-value transactions, subject to full valuation.
"These latest enhancements demonstrate our ongoing commitment to listening to brokers, removing barriers and creating a proposition that supports more successful outcomes," said Kim Parker (pictured top left), director of lending operations and commercial strategy at Hope Capital Property Finance.
Kate Cowan (pictured top right), chief financial and operating officer at Hope Capital Property Finance, pointed to the lender's funding structure as enabling the changes. "Underpinning these improvements is the strength and stability of our funding structure, which continues to support our ability to develop our proposition as the market evolves," she said.
"We remain focused on listening to broker feedback and identifying opportunities to enhance the service and solutions we provide. With the strength of our new funding lines and further internal operational efficiencies, we have been able to pass on savings to borrowers while maintaining our disciplined, consistent lending approach."
Updated rates apply across the range. Residential cases, including light, medium and heavy refurbishment, are now priced at 0.82% at 75% LTV, down from 0.85%. Max Net residential deals have moved to 0.87% at 75% LTV, from 0.89%. Max Net semi-commercial has been reduced to 0.89% at 70% LTV, from 0.99%, and Max Net commercial to 0.92% at 70% LTV, also from 0.99%.
The full proposition is available on loans from £50,000 to £5 million across England, Wales and Scotland, for terms of three to 18 months.
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