Hope Capital has cut rates on its residential bridging loans, while Market Financial Solutions will refund bridging valuation fees over the next two months.
Hope Capital says its residential rates now start from 85bps, offering up to 75% LTV, with a loan on properties worth up to £5m. Rates had previously begun at 89bps.
The business adds that all bridging deals, including light refurbishment cases, now begin at 85bps.
It points out that medium refurbishment cases start at 92bps, while heavy refurbishment loans begin at 97bps.
Hope Capital chief executive Jonathan Sealey says: “We are pleased to further strengthen our residential bridging loan offering, with these significant rate reductions.
“While the Bank of England made the decision to retain interest rates for the fourth consecutive time on the bounce, we are delighted to be in a position to reduce our rates to support our brokers and borrowers with affordable options.”
Meanwhile, Market Financial Solutions will provide a full refund on valuation fees for its bridging customers for cases that are agreed before the end of March, and complete before the end of April.
The refund will be issued within 28 days of the drawdown of a bridging loan.
Valuation fees will be waived across all its bridging products — residential, commercial and semi-commercial — up to a maximum valuation of £10m.
The lender adds that refunds are solely available for loans placed by brokers and cover physical valuations. Its deal applies to one standard lender valuation per security property.
Market Financial Solutions chief executive Paresh Raja says: “There is a palpable sense that the property market has turned a corner after a turbulent two years.
“Rates have settled and data suggests that house prices have levelled off – there are signs that buyer demand and price growth are actually returning.
“So, now is the right time for Market Financial Solutions to inject a little more impetus into the market, rewarding our brokers and borrowers by refunding their valuation fees.”
