Hope Capital launches Max GDV bridging product
Hope Capital Property Finance has brought out Max GDV, a residential bridging product that provides funding based on the anticipated value of a refurbished property.
Loan funds are available from day one through the product, which is available at 70% loan to gross development value (LTGDV) at a flat rate of 0.87%. The product supports residential purchases, refinances and capital raises, as well as cosmetic light works.
Max GDV allows for dual legal representation, full title insurance, and no upfront legal undertaking, and it has no exit fees.
Hope Capital Property Finance said the product built on its Max Net product, which allows borrowers to access funds required towards the purchase of an asset and an immediate initial refurbishment drawdown following completion.
Kim Parker, director of lending operations and commercial strategy at Hope Capital Property Finance, said: “Over recent months, we’ve seen growing demand from experienced residential borrowers who want more capital available upfront, both to progress their current project and potentially explore further business opportunities.
“Max GDV responds to that demand by bringing together lending against the finished value and access to all loan funds on day one, rather than through refurbishment tranches.
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“For brokers, it provides another option for clients looking to make the most of their property’s potential, with the flexibility to move quickly when opportunities arise.”
Laura Carr, director of underwriting, compliance and stakeholder relations at Hope Capital Property Finance, added: “Max Net has demonstrated the demand for products that give borrowers access to more capital upfront. Max GDV builds on that success by applying the same principle to lending against the anticipated finished value of the property.
“For borrowers undertaking cosmetic light works, the value they intend to add to the property is an important part of the picture for our underwriting team.”
