Hope Capital Club launched

Hope Capital the short term lending and bridging finance house, has launched a new initiative, the Hope Capital Club.  This will include an exclusive range of new opportunities and benefits, including a dedicated underwriter and DM, available to a limited number of hand-picked brokers.  These brokers will be chosen as a reward for their continued support of the company.

The brokers invited to join the club will get early access to new offerings from Hope Capital and will be able to take advantage of special rates.

Sinead Moynihan, Sales Director at Hope Capital, said: “We appreciate there have been many challenges presented to the market over the last year and brokers more than ever need access to a bridging loan provider who can deliver a range of specialist finance products that are suitable for their clients.

Inviting a selected number of brokers into The HCC is a way for us to express our gratitude and appreciation to those with whom we have worked with on a substantial number of cases.

We wholeheartedly appreciate their support and commitment to Hope Capital and want to provide them with a range of extra benefits and solutions, which will enable the broker to achieve their client’s requirements.

We are expecting The HCC to be welcomed by brokers, which is why we will be regularly looking at onboarding new members over the course of the next few months.”

Original article featured here…

Hope Capital is currently restructuring its business division, and looking to bring in new talent.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-club-launched/

Shawbrook Bank becomes Official Banking Partner of Saracens Rugby Club

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has been announced as the Official Banking Partner of Saracens Rugby Club.  This multi-year partnership with the Championship rugby union side will see Shawbrook support the club as they make a bid to return to the Premiership.

The sponsorship will include support across both the Men’s and Women’s rugby teams, as well as the Mavericks netball team. Shawbrook is also now a partner of the charitable arm, the Saracens Foundation, providing financial support.  Both Shawbrook and Saracens hold a strong belief in promoting gender equality and supporting the community, making them ideal partners.

Shawbrook are now featured on the back of the team kits and will have an ongoing presence at the stadium in London, including a corporate box for use during every home game.

Lucy Wray, CEO at Saracens commented:“We are delighted to complete this new partnership with Shawbrook. We both consistently strive to be the leaders in our respective fields, and we share a deep commitment to diversity and inclusivity.

Following the recent announcement of the StoneX partnership, this is another great milestone for the Saracens family as we look towards an exciting future.

We look forward to the rest of this season as we hope to return to some normality and push towards end of season goals across all three Saracens teams. It will be great to have Shawbrook by our sides as we do so.”

John Eastgate, Managing Director for Shawbrook Bank’s Property Finance Division added: “There are many synergies between our business and Saracens which make this partnership so exciting.

We are both ambitious organisations, committed to thinking and acting differently and driving positive change in our industries and wider communities.

Indeed, our shared focus on having an impact is a key tenant of this partnership. The Saracens Foundation does incredible work in support of its local community and this resonated with us at Shawbrook.

This is why our partnership will go far beyond financial support. We are committed to working with the Saracens Foundation to bolster its efforts whether that’s through volunteering or fundraising.

The ability to support all three of the Saracen’s teams is another aspect of the partnership that we are particularly proud of. Inclusion within sport is incredibly important, and its vital that organisations like ours commit to encourage and support diverse talent.

We are looking forward to watching the men’s, and women’s rugby sides as well as the netball team on the field and court with Shawbrook on their shirts.

Shawbrook, since being founded, has been committed to standing out and being different. It’s part of our DNA.

Our partnership with Saracens will help us to take further strides to make a difference as a business to our customers, intermediary partners and the communities in which we work.”

Original article featured here…

Earlier this month, Shawbrook announced it has appointed Phill Greave as its first director of shared services.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-bank-becomes-official-banking-partner-of-saracens-rugby-club/

Roma Finance’s Commercial Director leaves

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has announced that Nick Jones will be leaving the company.

Nick held the role of Commercial Director, leading the new business and marketing strategy, achieving a 60% rise in new business year on year.  He was hired to help Roma Finances deliver a rebrand, strengthen distribution and implement a new internal structure.

Scott Marshall, Managing Director of Roma Finance, said: “Nick has had great success with us in a short-period. Upon joining us Nick had three objectives, to rebrand us to a modern and dynamic business, enhance distribution and ensure we were structured to achieve our ambitious plans.

Nick achieved all of this inside of 12 months and whilst we are sad to see him leave, the legacy he has left us with will enable us to continue to strive forward and continue to scale.”

Nick Jones added: “I just want to say thank you to Roma Finance for a superb opportunity where I got to lead the recent rebrand, re-position Roma as a leading short and medium term lender, whilst designing and embedding a structure that enables their ambitious growth.

I wish the team all the absolute best for the future, it’s going to be exciting and I look forward to watching the journey develop.”

Original article featured here…

In January of this year, Roma Finance partnered with the Mortgage Market Alliance (MMA).

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/roma-finances-commercial-director-leaves/

Hope Capital restructuring business division

Hope Capital the short term lending and bridging finance house, is currently restructuring its business division, which is a recent addition to the company, and looking to bring in new talent.

Both Wayne Lee and Steve Allen will be leaving Hope Capital to pursue their careers elsewhere within the industry, after having spent years helping expand the firm.

All departments within Hope Capital will be strengthened under the restructure and distribution channels will be optimised with enhanced broker packaging opportunities, exclusive products and service quality.

Jonathan Sealey, CEO at Hope Capital, said: “We have lots of exciting plans in the pipeline and are looking forward to welcoming new talent across all areas of the business, which will enable us to support increased business volumes and continue our growth strategy”

“We are encouraging people to apply from all industries, whether they have strong experience in the finance sector or not.

“The most important thing is for individuals to have a strong work ethic, transferable skills and be a team player, with a focus on delivering service excellence.

“At Hope Capital, we provide the tools, resources and opportunities for individuals to succeed and develop.

“They’ll be part of a great environment and culture where individuals thrive, utilise their skills, and are recognised for excellence and adding value.”

Original article featured here…

Hope Capital recently made a full return to office based working, after a phased return to full office occupancy was started in January of this year

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-restructuring-business-division/

Shawbrook promotes from within for new role leading shared services

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has appointed Phill Greave as its first director of shared services.  In this new role, Phill will manage roughly 45 staff across a number of divisions such as facilities management, operation training and business effectiveness, payment services and capacity planning.

Phill joined Shawbrook in 2017 as head of outsourced services and complaints and has worked in the industry for over twenty five years in total.

The shared services operation was created by Shawbrook as part of a revamp of their chief operating office structure.

Phill Gleave, director of shared services at Shawbrook Bank, said: “The creation of the shared services department is an important cog in the wider Shawbrook machine.

“It’s a provision of cross-functional services aligned to the Bank’s overall strategy – such as payment services, facilities management and operational training. By bringing them together under one roof, it creates a true sense of purpose and direction as well as encouraging a continuous improvement culture through better management of processes which will only be a positive for Shawbrook.”

Original article featured here…

Shawbrook recently made a series of reductions across its commercial and semi-commercial range, which apply to variable rate products on loans over £100k.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-promotes-from-within-for-new-role-leading-shared-services/

Octane has record quarter for completions

Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has announced a record quarter for completions.  During Q1 of 2021, it completed £92m of new lending; a 121% increase on Q4 of 2020 and the highest seen since the lender was established in 2017.

The number of completions were achieved across all of Octane Capital’s products, refurbs, bridging and developer exit loans, and medium-term BTL products.

Thanks to their BTL products and the stamp duty holiday, applications in the first quarter of this year had risen by 126% compared to the last quarter of 2020.

Jonathan Samuels, CEO at Octane Capital, said: “The first three months of the year have been the most frantic we’ve ever experienced.

“The property market is absolutely booming due to the stamp duty holiday, and our BTL product, which comes with zero stress-testing, is proving a particular hit with brokers and their landlord clients.

“More broadly, what we’re finding is that we have now become a lifecycle lender for brokers, providing bridges to help their clients acquire units and move through the planning process, then funding the refurbishments to enhance value and yield, and ultimately moving them onto our five-year BTL loans.”

Original article featured here…

Octane Capital recently opened up its buy-to-let offerings to all brokers; these products require zero stress testing, with a pay rate starting at 3.99%.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/octane-has-record-quarter-for-completions/

Rightmove data shows house prices at record high

Rightmove has released its latest house price index, showing that house prices in the UK have risen to a record high and property is selling faster than ever before.

The average price of a house going on the market is now £327,797, having risen by 21% over the last month.  This is £4,000 over the record set in October of 2020.

Demand for property has rocketed with the number of sales now 55% higher than it was during this period in 2019.   This surge in demand has lowered the average days to sell a property to the lowest level Rightmove have ever recorded.  Semi-detached houses with two or three bedrooms are most in demand, with 30% being marked as sold within seven days of going on the market.

Tim Bannister, Rightmove’s director of property data, said: “This is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities. The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high.

“The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages and a shortage of suitable property to buy. There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings.

“It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred. Almost one in four (23%) properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”

Tomer Aboody, director of MT Finance, added: “A combination of lowest-ever interest rates, high loan-to-value mortgages, stamp duty relief and government stimulus, along with a year of on-and-off lockdown, has pushed demand for property to record levels. If now isn’t the time to buy, then when is? Will we have such an appealing time to buy again, who knows? But with so many positive reasons to buy and people simply needing more space, this trend is set to continue in the short term at least.

“Interestingly, London price changes vary depending on the distance to Central London, with the closest boroughs experiencing minimal-to-no growth over the past year, with some even seeing prices reduce. This can be put down to the high property values already seen in these boroughs and the lack of people being able to buy, whereas further out is still affordable and demand therefore higher.

“You will get very little for less than £500,000 in the most central London boroughs, so the stamp duty holiday is purely a bonus rather than a reason to buy. The Treasury should consider the introduction of stamp duty relief for downsizers as one way of encouraging the release of some much-needed stock onto the market.”

Original article featured here…

The latest figures released by Halifax showed the average house price in the UK had risen to a record high.

source https://commercial-mortgages-broker.co.uk/mt-finance/rightmove-data-shows-house-prices-at-record-high/

Octane Capital opens up BTL range

Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has opened up its buy-to-let products to all brokers.

The products, which were launched last year, were only available on an semi-exclusive basis, such as the loans within Waves 1 and 2 starting from £150,000.  Now the entire range from Waves 1 to 5 are available to all brokers, which requires zero stress testing, with a pay rate starting at 3.99%.

Octane’s BTL offerings are tailored to customers that many lenders in the market tend to avoid, such as HMOs, first time landlords and foreign nationals.

Mark Posniak, managing director at Octane Capital, said: “We’re excited to announce that our full buy-to-let product suite is now open to everyone. In recent months, we’ve been further fine-tuning it and putting systems in place to ensure we could continue to provide a high quality service for brokers at scale and now we’ve reached that point.

“Our buy-to-let loans are targeting a demographic that the vast majority of lenders actively avoid, with many of our borrowers to date having multiple non-standard circumstances. But this is where we believe we stand apart as a lender and we look forward to helping as many brokers as possible during 2021.”

Original article featured here…

Octane recently showcased its ability with non-mainstream BTL cases; the lender completed a £420,000 loan to an Indian national, who is currently residing in the UAE, which is secured on an unencumbered flat in London.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/octane-capital-opens-up-btl-range/

Hope Capital returns to office based working

Hope Capital the short term lending and bridging finance house, has made a full return to office based working.

As per government advice, the firm has set up a range of measures to ensure a safe workspace for its employees; including routine testing, screens and safe workstations around the office and mental health surveys to be distributed and completed regularly.

A phased return to full office occupancy was started in January of this year and each member of staff’s individual circumstances were taken into consideration from both mental and physical health perspectives.

Jonathan Sealey, chief executive at Hope Capital, said: “The health and safety of our employees is always our top priority, which is why we have taken a measured approach to reopening our office.

“Despite a tough year, we have remained resilient and adapted to a new way of working when required, which enabled us to continue to lend and deliver the same innovative, flexible and tailored solutions to brokers and their clients.

“However, with restrictions easing and a roadmap out of lockdown, we believe now is the time to return to some normality while ensuring we provide a COVID safe workspace.

“Operating from the office enables us to continue delivering an efficient service to our brokers and clients from enquiry to completion.

“We feel fully confident we are now in an even greater position to continue to assist brokers and their clients with their bridging finance enquiries and are delighted to return to a sense of normality, albeit at a safe social distance.”

Original article featured here…

Hope Capital has recently expanded, to offer short-term finance in Scotland.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-returns-to-office-based-working/

Aldermore is latest addition to MMA

Aldermore, the specialist finance lender, has become the most recent addition to the Mortgage Market Alliance (MMA).  Launched last year, the MMA aims to promote the availability of lending for today’s diverse range of customers.

MMA Members are now able to access Aldermore’s range of products, including those tailored to customers who are self-employed, those with small deposits and people who have previously had credit issues.

Nick Parker, head of intermediary distribution at Aldermore Bank, said: “Home buyers are more diverse and unique in their financial circumstances than ever before, and Covid-19 has made buying conditions more challenging. It has never been more vital that the industry unites and works together, to share best practices, challenge long-held assumptions, and bring the market forward as it evolves into the exciting and rapidly growing digital space.

“We must let those that aspire to be a home owner in the future or those that want to change their housing situation know that the mortgage market is open for business, and working for them. From a new buyer raising a small deposit, and self-employed to the last-steppers and private landlords managing big and small portfolios, there are now options and choice for all to find pathways to get to where they want to be.”

Rob Griffiths, director of the Mortgage Market Alliance, added: “I’d like to welcome Aldermore as the latest lender to commit to the Mortgage Market Alliance. As Nick says in his quote – it is more important than ever that the industry unites and works together, and we provide a channel for a collaborative effort to raise consumer awareness around the diverse range of options available in the mortgage market and the benefits of professional advice.”

Original article featured here…

Last month, Aldermore revived its 95% LTV mortgage products and made a series of rate reductions; a 95% LTV 2-year fix available at 5.08%, and also a 95% LTV 5-year fix at 5.28%.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-is-latest-addition-to-mma/

Interbay launches holiday let range

Interbay Commercial, the bridging finance, commercial mortgages and buy-to-let specialist finance provider, part of OneSavings Bank, has launched a new range of holiday let products.  These products are designed for personal ownership and limited company landlords wishing to rent properties as short-term holiday lets.  They are also offered for remortgages.

The range is available in England and Wales, to meet the recent growth in demand.  Rates are offered from 3.84% with LTVs of up to 70% and either a two or five-year fixed rate.

There is no maximum property value, and loan sizes ranging from £50k up to £1m. There is also an interest-only option included in the range.  All applicants must be existing landlords.

The minimum income cover ratio is 140% of gross rent, which is calculated on a 30 week letting period, using an average of low, mid and high season rent.

Adrian Moloney, group sales director at OSB Group, said: “Here at InterBay Commercial, we’ve got a vast amount of experience in providing bespoke solutions for your clients, however complex or challenging their cases.

“With more people looking at staycations as a result of the pandemic, there’s been a big increase in demand for holiday let accommodation.

“To help experienced landlords meet this demand, our new proposition could be ideal for those who are operating through a limited company structure, have complex set-ups or are thinking of purchasing a property that doesn’t fit the sometimes narrow criteria found on the high street.”

Original article featured here…

At the close of last year, Interbay launched a new range of semi-commercial mortgages.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/interbay-launches-holiday-let-range/

Landbay enhances product range with lower rates

Landbay, the buy-to-let lender, has enhanced its product range to suit landlords looking to invest in the north of the UK.

The minimum property value has been lowered on its core products from £75,000 to £65,000.

Additionally, its LTV has been increased from 70% to 75% for properties above commercial units.  The maximum loan size for Landbay’s Special Edition range has been increased from £1m to £1.5m.

The lender has also lowered the new non-portfolio landlord five-year fixed rate products by 0.05% to 3.39%.

Paul Brett, Managing Director, Intermediaries at Landbay, commented: “With the rental market currently booming, some landlords are looking to diversify their portfolios. We have been seeing southern based landlords venturing further afield and buying less expensive properties in the north as the yields are higher.

“With the pandemic showing remote working can be effective, we may see more landlords looking to invest in properties away from their local area. The added flexibility in our range will support this expansion, and combined with our efficient service and turnaround times, we have an unrivalled offering that suits all client needs.”

Original article featured here…

Last month, Landbay announced a new range of BTL products, designed to cater for trading limited companies that are purchasing or remortgaging HMOs, MUFBs and standard properties.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/landbay-enhances-product-range-with-lower-rates/

Paragon results show broker confidence in BTL market

Paragon Bank, the specialist lender, has released its latest survey results, showing the percentage of mortgage brokers anticipating higher levels of buy-to-let business over the coming year is at a high not seen since 2014.

Half of all respondents expect higher levels of BTL business over the next 12 months compared to the previous year, and 21% anticipate an increase of at least 10% in transactions.

47% of brokers felt that current demand for BTL mortgages is ‘very strong’ or ‘strong’, hence the increase in positivity. In the final quarter of last year, 41% of brokers expected an increase in business to come in the year ahead.

Those surveyed who are experiencing ‘very weak’ or ‘weak’ demand was just 12%, which is the lowest seen since the pandemic began.

Richard Rowntree, managing director of mortgages at Paragon Bank, commented: “We know that brokers have an excellent grasp of current conditions and can often accurately predict how things will pan out in the coming months so our quarterly Financial Adviser Confidence Tracker survey provides a useful picture of the mortgage market.

“It’s fantastic to see that such high levels of optimism have been recorded following the challenges of the past year or so and that this is being driven by strong levels of demand. The extension of the stamp duty holiday is certainly a driver of that, but it is underpinned by longer-term demand for rental property.”

Original article featured here…

Earlier this month, Paragon introduced a range of 80% LTV buy-to-let mortgages, for properties with an energy performance certificate rating of A to C.  The lender has extended its standard 75% LTV as an incentive for landlords to invest in energy efficient properties.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-results-show-broker-confidence-in-btl-market/

House prices hit record high in March

The average house price in the UK has risen to a record high of £254,606, according to the latest figures released by Halifax.  House prices in March were 1.1% higher than in February and 0.3% higher in Q1 of 2021 than Q4 of 2020.

Year on year, house prices were 6.5% higher in March this year than March of last year.  Halifax attributed these highs to Government support measures and the stamp duty holiday.

Russell Galley, managing director, Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1% compared to February. This rise – the first since November last year – means the average property is now worth £254,606, a new record high.

“A year on from the early days of the first national lockdown, March’s data shows that house prices rose by 6.5% annually, or £15,430 in cash terms. Casting our minds back 12 months, few could have predicted quite how well the housing market would ride out the impact of the pandemic so far, let alone post growth of more than £1,000 per month on average.

“The continuation of government support measures has been key in boosting confidence in the housing market.

“The extended stamp duty holiday has put another spring in the step of home movers, whilst for those saving hard to buy their first home, the new mortgage guarantee scheme provides an alternative route onto the property ladder.

“Overall we expect elevated levels of activity to be maintained in the coming months, with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space, as work-life priorities have shifted during the pandemic.

“A shortage of homes for sale will also support prices in the short term, as lower availability always favours sellers.

“However, with the economy yet to feel the full effect of its biggest recession in more than 300 years, we remain cautious about the longer-term outlook. Given current levels of uncertainty and the potential for higher unemployment, we still expect house price growth to slow somewhat by the end of this year.”

Tomer Aboody, director of property lender MT Finance, was also cautious warning of potential stock issues.

He said: “Another month and a year on from the first lockdown, the property market is at its strongest with further and continuous stimulus from the government, via stamp duty relief and furlough, along with other financing and assistance.

“What we are seeing is a real lack of stock which in turn increases competition and house prices. Is it time for the government to review the stamp duty at the higher level or possibly remove downsizers’ stamp duty altogether in order to improve supply and help buyers find properties?

“While money is cheap and confidence is high with the vaccine rollout, maybe a further stamp duty change higher up will help the market further.”

See original article here…

At the close of 2020, the Nationwide house price index showed that annual house price growth in the UK had reached a 6-year high in December, of 7.3%.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/house-prices-hit-record-high-in-march/

LendInvest’s Jan Gallagher promoted to key account manager

LendInvest, the London based buy to let finance and bridging finance platform, has promoted Jan Gallger, previously business development manager, to key account manager.

Jan held her previous role with LendInvest since she joined in 2019.  Prior to that, she held roles at Vida Homeloans, Foundation Home Loans and Masthaven.

As business development manager, she will be running the daily relationship management of the lender’s distribution channel which includes mortgage clubs and networks.

Jan will also be focused on the development and delivery of strategic market initiatives, as a key part of engaging potential partners with the business.

Jan Gallagher said: “As LendInvest continues to move from strength to strength this year with product development and growth for our lending business, it’s certainly an exciting time to be taking on this new role,”

“I look forward to the challenge, both in broadening our partnerships and deepening our existing ones.”

Sophie Mitchell-Charman, sales director at LendInvest, added: “Over the last few years, Jan has been an incremental addition to our business development team, driving strong business in the North.

“This transition is a natural one for Jan, who already played an important role in managing relationships with our key accounts — this is a perfect opportunity for her to develop our strategy in this area further.”

Original article featured here…

LendInvest recently provided a £3.8m development loan for a residential scheme.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvests-jan-gallagher-promoted-to-key-account-manager/

Shawbrook reduces commercial rates

Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has made a series of reductions across its commercial and semi-commercial range.  These cuts apply to variable rate products on loans over £100k.

The specialist lender is now offering rates starting from 5.19%.

In the commercial range the cuts are; 65% LTV reduced to 5.89% and 75% LTV reduced to 6.39%.  In the semi-commercial range the cuts are; 55% LTV and 65% LTV reduced to 5.19% and 75% LTV reduced to 5.79%.

Gavin Seaholme, Head of Sales at Shawbrook, said: “The commercial investment sector has been faced with great change and uncertainty over recent months, but we remain fully committed to helping brokers maximise the abundance of opportunity that still exists.

“We’re proud of our commercial investment offering and hope by making our rates more competitive, we send a clear signal of our continued commitment to this market.”

Original article featured here…

Shawbrook recently completed a BTL mortgage offer in just 48 hours, using their new buy-to-let platform.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/shawbrook-reduces-commercial-rates/

Hope Capital expands to cover Scottish property market

Hope Capital the short term lending and bridging finance house, is now offering short-term finance in Scotland.  Having observed the Scottish property market for some time, the specialist lender has decided to expand, in order to work with brokers and their clients in the country.

A range of bridging loans for residential, commercial and mixed-use property are now available for those with property in Scotland.

Gary Bailey, Managing Director of Hope Capital, commented:

“Despite the challenges of Covid-19, we have experienced a consistent high level of enquiries and now is the time to extend our lending into the underserved Scottish market.

We’ve been monitoring the Scottish property market and it has remained buoyant in the last 12 months, so it is clear there is a growing demand for bridging finance.

This is really great to see, especially after such a challenging year.

At Hope Capital, we look at every single case on its own merits and try to find a solution for even the most complex cases.

We are renowned throughout England and Wales for providing service excellence and support to brokers and their clients, from initial enquiry stage through to completion.

We look forward to providing the same excellent service in Scotland and assisting brokers with the delivery of innovative, unique and flexible bridging finance solutions, which will help their clients reach their business and investment ambitions.”

Original article featured here…

Hope Capital also announced a 196% increase in completions this week.

source https://commercial-mortgages-broker.co.uk/hope-capital/hope-capital-expands-to-cover-scottish-property-market/

Hope Capital completions increase by almost 200%

Hope Capital, the short term lending and bridging finance house, has announced a 196% increase in deals reaching completion in the six months leading up to March 2021, versus the same period in 2020.

This is a new record for the lender, which has also noted a recent increase in enquiries, thanks in part to its recent product launches.  Earlier this year, Hope Capital announced a new range of bridging loans, designed for customers looking to undertake property refurbishments, and previously the extension of its Seventies Collection.

As the market bounces back, Hope Capital is optimistic that this upwards trend in enquiries volume will continue and is looking to expand its team to bring in fresh talent.

Gary Bailey, Managing Director of Hope Capital, commented: “This is an extremely exciting time for Hope Capital as we continue to triumph.

The surge in enquiries from brokers and borrowers, is purely down to us being resilient, the hard work and commitment of the Hope Capital team, identifying what the new market trends are and then creating products which can provide a variety of options for brokers and borrowers in all areas.

Designing and launching products which give borrowers maximum flexibility and control is at the heart of what we do and we are delighted they have been so well received by the market.

As we expand our offering to brokers and their clients who have property in Scotland, we have lots of other exciting projects in the pipeline, so watch this space!”

Jonathan Sealey, CEO of Hope Capital, added: “As we continue to move forward, we’ve got ambitious plans to bolster all teams across Hope Capital, so we can continue to support increased business volumes.

We welcome applicants from all industries, whether they are a seasoned professional with exceptional experience in the finance sector, or have no industry experience; the main considerations are that they have transferable skills, are team players and high performing individuals.

This is a great time to be joining a team like Hope Capital, where the demand for specialist finance is growing at an exceptional rate.

There are countless opportunities available to develop skills and for career development. We are therefore really looking forward to receiving high-quality applications from a wide range of talented individuals.”

Original article featured here…

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-completions-increase-by-almost-200/

Avamore announces total loan redemptions of £150m

Avamore Capital, the London based short term and bridging finance lender, has announced total loan redemptions of £150m.  The lender has incurred no losses at all from these reimbursements.

The repayments include those from Avamore’s largest refurbishment deal which was a £7.9m conversion project in Surrey.

The lender has repeat business from many brokers and borrowers and last year, closed £13m worth of deals with the same borrower.  Avamore believes its flexibility, especially during the challenging times of the pandemic, solution-driven approach and credit standards have all contributed to its recent success.

Amit Majithia, principal at Avamore, said: “Achieving £150m of redemptions is a hugely important milestone to be acknowledging,”

“The fact that we have done this without any impairments to capital or interest is testament to both the considered approach our credit analysts and underwriters take to transactions and to the hard work of our asset management department who have successfully supported our borrowers in what has naturally been a challenging year for them.

“It is always a thrill to know that being repaid on a loan is not only a redemption statistic for us, but it means that another one of our borrowers has successfully completed a scheme and has delivered more residential units to the market — and is hopefully preparing to start the process all over again with a new development.

“We have ambitious plans to continue growing our loan book over the course of the next three years, but will always strive to ensure that this is done prudently as this is a true reflection of the strength of our business.”

Original article featured here…

Avamore recently announced it will be expanding its team this year after securing additional funding, with aims to lend over £400m over the coming 24 months.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/avamore-announces-total-loan-redemptions-of-150m/

LendInvest enhances underwriting process through Credit Kudos partnership

LendInvest, the London based buy to let finance and bridging finance platform, has partnered with Credit Kudos to streamline its credit checking process via Open Banking.  Credit Kudos is a credit reference agency which uses technology to enable more of the underwriting assessment process to be automated, with no manual upload of documents.  LendInvest has already seen their assessment times reduced by 50%.

Using Open Banking will not only provide a quicker service but it is also more streamlined and secure.  In addition, the lender is able to use Open Banking insights to enhance their lending decisions as they provide an overall view of a customer’s financial situation.  These insights are also beneficial when it comes to customers who are self-employed or sole traders and therefore do not have traditional income patterns. Since February, there has been an increase of 26% in Open Banking conversion rates.

Arman Tahmassebi, COO of LendInvest, commented: “Getting rid of the manual documentation process has allowed us to offer a far faster and more convenient service. Although we have been using Open Banking for two years, this new partnership with a like-minded fintech has allowed us to take it to the next level and really reap the benefits of the technology.

“The greater insights are empowering us to make better informed, faster lending decisions to more people. We have been particularly impressed with the seamless integration of Credit Kudos into our system – the new dashboard is highly intuitive and it’s already helping us serve more customers.”

Credit Kudos, founder and CEO, Freddy Kelly, added: “Like LendInvest, we are committed to making credit applications smoother and fairer for both the lender and applicant, so this partnership is a natural fit.

“Open Banking technology is transformative for lenders who want to make smarter and faster decisions to better serve their customers. With our technology in place, lenders can automate the underwriting process and get a far more accurate picture of an applicant’s true financial position. It not only helps them lend responsibly but also opens up their service to underserved customers who may not have traditional income patterns, such as sole traders.”

Original article featured here…

LendInvest recently announced they have partnered with Jumio and are now using their biometric-based technology to make applying for a loan quicker and easier.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-enhances-underwriting-process-through-credit-kudos-partnership/