Finova Payment and Mortgage Services has partnered with Hope Capital, a specialist bridge loan provider, to enhance its lending product portfolio.
The partnership will allow Finova Payment and Mortgage Service members to access Hope Capital’s bridge loans of up to £5 million for up to 18 months.
Hope Capital’s products provide bridge financing to borrowers looking to purchase land or finance home conversions and renovations.
Additionally, it allows developers to exit and provides transition options for other purposes including new bridging, capital raises and purchase, business or legal reasons.
Loans at 80% loan-to-value (LTV) from the lender are available for residential properties, while loans at 70% LTV are available for semi-commercial properties and loans at 65% LTV for commercial properties.
UK nationals, foreign nationals or corporate structures can all access bridge financing from the lender, and those looking for 70% LTV on loans up to £750,000 can benefit from Automated Valuation Models (AVM ).
Melanie Spencer, Head of Finova Payment & Mortgage Services, said: “We are delighted to partner with Hope Capital to provide more short-term financing opportunities for borrowers who may need to carry out renovations or continue their projects. purchase but may not have a large savings pot to turn to.
“This partnership is certainly a welcome addition to our roster of existing lending partners, and we look forward to supporting our brokers with the many options Hope Capital’s Bridge Loans offer.”