With London and the South East growing faster than any other part of the UK, the short term bridging lender is rapidly expanding and feel it is their time to have a London presence, sooner than later.
Jonathan Sealey, Chief Executive of Hope Capital, said that it is receiving a growing number of business in London and the South East and therefore it makes sense for them to open an office in the heart of such growth.
Jonathan said that they are aiming to open sometime this year, where the move will most likely happen in Q4.
The company already offers loans in London and the South East, where Jonathan Sealey said: “We are in London on a regular basis already, so I do not expect there to be a big change in terms of how the business is run. However I think opening up a London office will show the rest of the market that we mean business and are here to stay.”
Jonathan added that a few brokers and packagers in the market didn’t realise that Hope Capital facilitated bridging loans anywhere else in the country, other than the North West: “We have always offered loans throughout England and major cities in Wales. Opening up a London office would solidify our presence here and give us a platform to increase our exposure in the South.”
Hope Capital has recently recruited a new Head of Business Development, Brian Baker, who will be responsible for continuing Hope Capital’s upward growth trajectory and developing the management of relations with brokers.
Jonathan admits that if they continue the way they are going, then they expect to recruit again before the end of the year.
Jonathan said: “We have grown by 1,100% since 2011 and we will be looking to grow the loan book still further in 2014, so naturally this will require more funds being available for draw down to meet borrowers’ requirements.
“However we remain a true principal lender as our funding lines, including our own directors’ funds, are sufficient to see this growth occur in 2014.”
The firm’s current lending criteria, which is outlined on its website, extends to a maximum loan of £1.5 million. However, with the move to London, Jonathan said that they are not restricted to this figure if they like a loan application they receive.
“The same goes for the loan term,” Jonathan explained. He added: “As it is our own funds which we put into each and every deal, it means that we decide what we will lend on, nobody else. If we receive a case we like that is over £1.5 million and for a longer term than 6 months, we will seriously consider it. Each deal will be looked at on its own merits.”
When asked about the lender’s future aims, Jonathan replied: “Ultimately Hope Capital having a presence in London will need to be beneficial to the business, and I do feel that this presence will solidify Hope Capital’s reputation in the bridging market as a forward thinking lender.
“I would like to think that those brokers and packagers in the market who thought we only facilitated deals in the North West will now realise that we have a national reach and will let us show them the bespoke and personal service we can offer to each and every deal they send us.”
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