Hope Capital releases land without a building permit bridging loan
Specialist lender Hope Capital has released a bridging loan for land without planning permission, which is available at up to 50% loan to value (LTV).
Previously, the lender only offered a loan for land with planning permission, and this new offer is linked to its existing product.
The lender said it provided an opportunity for borrowers who needed to get financing quickly to get a bridging loan on land without a landing permit.
Rates start at 0.75% on land with development and 0.99% on land without development. It is available at up to 60% LTV for land with development and 50% LTV for land without development.
Terms range from three to 18 months, there are no exit charges and loans start from £150,000. Adverse credit is also taken into account.
Roz Cawood (Photo)sales manager at Hope Capital, said: “The market for buying land is very competitive, which is why many borrowers find themselves in a situation where deadlines are tight and they need quick access to a funding to secure the deal.
“At Hope Capital, we are committed to creating new opportunities, which will support brokers and borrowers. This is why we have developed a range of land bridging loans, both for cases with and without planning permission.
She added: “Our offer provides fast, reliable and flexible solutions for this purpose and can be used for the purchase of the land, obtaining a building permit, realizing an increase in value either for the sale or to refinance the development.
“It can be rare to find a financing option that accommodates land without a planning case, so we’re very confident this will be a huge market success and help propel our transition division into the next stage.”