Hope Capital has made the largest reductions ever to its bridging rates and brought in flat rates.
Hope Capital previously priced its rates depending on a specific deal and the level of works involved, but a single rate can now be applied to a number of projects including structural and non-structural light, medium and heavy refurbishments.
The range is available on loan amounts between £100,000 and £5m across England, Wales and Scotland on terms between three and 18 months.
Its residential bridging loan rates at 75% loan to value (LTV) have been cut from 0.99% to 0.92%, semi-commercial bridging loan rates at 70% LTV have gone down from 1.19% to 1.05% and commercial bridging loans have been reduced from 1.09% to 1.25%.
Kim Parker, head of sales at Hope Capital, said: “Hope Capital are kick-starting 2025 as we mean to go on. We ended the year following the acquisition of a new multimillion-pound facility from Shawbrook Bank, as well as achieving our most successful quarter to date.
“Not only is this the biggest rate reduction we’ve ever made, but it’s also one [that] revolutionises our offering altogether. We appreciate there is nothing more frustrating than lenders who say: ‘rates from’. Our new offering is clear, without any misleading jargon, so brokers immediately know what their clients can benefit from in terms of rates and LTVs.”
Five ways we’ve improved our Premier service
Sponsored by Halifax Intermediaries
She added: “Not forgetting the cost-effectiveness of having access to a single rate, which we anticipate will be particularly advantageous to support the level of medium refurbishment enquiries we receive.
“With the Bank of England’s unpredictable rate cycle, we want to ensure we’re creating opportunities for our borrowers to utilise short-term lending to capitalise from their investment plans.”
Atom Bank cuts fixed and variable commercial rates
Atom Bank has made rate cuts to its fixed and variable commercial mortgages.
Its fixed rates have gone down by up to 0.47%, while variable rates have been lowered by as much as 0.41%.
Following the reductions, its variable rates will start at 1.65% over base rate and fixed rates will start at 6.23%.
People borrowing between £1m and £4m could see rates of up to 0.25% lower, with variable rates in this range starting from 1.4% over base rate and 5.97% for a fixed rate.
Last year, Atom Bank passed the £1bn milestone for commercial lending and saw a record quarter of activity that set new records for applications and the value of offers.
David Castling, head of intermediary distribution at Atom Bank, said: “Atom Bank is passionate about providing the best possible value to business borrowers, so I have no doubt that this rate cut across our fixed and variable products will be welcome.
“There will be businesses up and down the country looking to kick on with their growth ambitions for the year ahead, and this rate reduction will make external funding more accessible for them. Just as important is recognising that all businesses are different and providing that flexibility when assessing an application. We know that brokers value the fact that Atom Bank provides pricing tailored to the individual borrower, rather than employing a ‘one-size-fits-all’ approach.”
