Hope Capital has transformed its business in the last year and has become one of the ‘go to’ bridging lenders. It differentiates by looking at every case on its own merits and lending accordingly – and it always keeps its promises. In a market where many lenders say yes then don’t lend, if Hope says yes it sticks by it.
Last year, Hope Capital conducted an in-depth broker survey to discover what brokers were happy with and what they wanted Hope to improve upon. Hope put all the recommendations in place, responding to broker feedback and transforming the business.
The results speak for themselves. The first six months of 2018 has been the most successful in the company’s 7-year history with a three-fold increase in enquiries and a 30% increase in its loan book.
One significant step to transform Hope Capital was the introduction of new funding lines. This has enabled Hope to offer its lowest-ever rates while maintaining the underwriting flexibility it has become renowned for.
Brokers wanted more face-to-face contact and the loan process even slicker. So Hope recruited new 40% more staff. It has broadened contact with brokers throughout the country including in a number of new regions. These broker-facing representatives have been supported by new underwriters and more back-office staff to speed up completion times still further.
New efficiencies mean Hope’s processes are now the slickest they have ever been. Most loans now move from application to completion in under ten days with the fastest in 72 hours.
Brokers said they needed access to higher LTVs, so Hope relaxed its criteria on a case-by-case basis, extending LTVs wherever the case warrants it while still maintaining its level of due diligence on every loan. It also launched new products which go outside of its traditional parameters.
It also revamped both its solicitor and valuations panels. It only chose solicitors expert in bridging, who commit to turn every case around in in days if not hours and it brought in new valuers and a valuation checking service to ensure fastest turnaround times and most accurate valuations.
Hope Capital is a lender that is here to stay for the long term and the changes it has made this year demonstrate its dedication to the broker market with both the broker and their clients at the heart of everything that it does.