Hope Capital extends lending to borrowers with adverse credit

Hope Capital will now lend to borrowers who have had bankruptcies, an individual voluntary arrangement, and who have an impaired credit history.

However, the lender says that it will require  a solid exit route for the loan to be repaid and that it will explore the reasons for the bad credit history.

The lender’s residential purchase products, rates start from 0.69 per cent per month up to a maximum of 75 per cent LTV.

This offer is available for borrowers with under £5,000 of CCJs that have been settled in the last 24 months. It is also available for borrowers with outstanding mortgage arrears, although at a maximum 40 LTV.

For semi-commercial products, rates start at 0.85 per cent per month with a maximum of 70 per cent LTV. This offer is accessible for borrowers with no bankruptcies, IVAs or CVAs and with settled CCJs of less than £5,000. It is also available for borrowers with rolling arrears, however, with a maximum LTV of 40 per cent.

Looking at commercial property, the maximum LTV is 65 per cent and rates start from 0.89 per cent.

The offerings are available in England and Wales for light, moderate and heavy refurbishment as well as for property portfolios and for businesses.

Hope Capital managing director Gary Bailey says: “Some of the applications we have received in the past have been from people who might have a somewhat tarnished credit history but who have a very strong business case and a clear exit route.

“At low LTVs it makes perfect sense to grant a short-term loan when the case warrants it, with the condition that each loan is paid back with the sale of the property.

“This is particularly the case when someone has had credit problems in the past but these are now resolved, as long as we understand the reasons for this and we are confident this is not ongoing.

“We have introduced this extended range of bridging loans in order to make bridging available to a whole new segment of the market.”

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