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HFBS CORONAVIRUS BUSINESS UPDATE

During these extraordinary times we appreciate the difficulties being experienced by the intermediary market and the urgent need for clear and transparent communication. There is NO more important a relationship than that between ourselves and our expert intermediaries so we hope that this guidance will prove helpful.

As our existing intermediaries will be aware we made the difficult decision to temporarily suspend lending at close of business on the 25th March 2020 until the 20th April 2020. Following recent government advice this suspension will be extended until Monday 4th May 2020. This decision was based solely on the fact that we would, under ‘lock down’ provisions, be unable to offer the exceptional service we are renowned for.

Moving forward we are confident of a swift return and, on this understanding, we wish to make certain guarantees to both you and your clients.

NEW BUSINESS

We are aware that the current situation brings considerable uncertainty however we believe that certainty is required. We are not funded by corporate / bank monies and make all our own decisions so we can assure you, on our return :

  • We will NOT be reducing our LTV’s or increasing our rates.
  • We WILL , wherever possible, be utilising AVM’s , drive buys and existing valuations previously obtained for third parties ( where these are less than 12 months old ).
  • We will analyse the regular government provided coronavirus figures and IF it is clear that ‘lock down’ restrictions are likely to be eased we will return to work shortly prior to this on   the 4th May 2020 to enable new applications to be instigated ahead of our ability to see the client later that week. We would, on this basis, anticipate the first completions early w/c 11th May 2020.

EXISTING CLIENTS

We are aware that our intermediaries may receive enquiries and have concerns regarding existing clients with short term facilities who may possibly, through no fault of their own, have difficulty meeting their contractual obligation to repay On this basis we are happy to offer the following assurances :

  • We previously confirmed that clients with a contract becoming term expired between 25th March 2020 and 1st July 2020 would automatically be provided with 1 additional months forbearance. This is now extended to 2 months. Our usual fee for agreeing such an arrangement of £400 will be waived.
  • Unlike many bridging facilities we have NEVER applied nor will we ever apply a ‘default rate’ where a contract runs beyond the contractual term. Interest will continue to accrue at the initial contractual rate.
  • Irrespective of the ability to do so we will NOT be instigating new litigation for possession earlier than 1st July 2020.
  • We do NOT share information regarding an accounts status with any third party credit reference agencies and therefore your client’s credit status will not be affected in the event an account is in default.
  • We are happy to accept ANY sum should a client wish to reduce their indebtedness and will apply such sums as are received without any penalty. As our interest is calculated daily this will have an immediate effect in reducing the overall interest charged.
  • On our return we will be prioritising clients with the shortest remaining term and contacting them to discuss their personal circumstances, subject to which, we will attempt to put in place a mutually satisfactory plan for exit.

We hope that our assurances will enable intermediaries to proceed with some certainty for themselves and their clients. In the meantime all our staff, on a voluntary basis, have agreed to be available on mobiles during normal office hours. There will be a limit on the assistance we are able to provide however, if you have any questions, we will attempt to assist in so far as we are able to do so. The numbers are as follows :

 

IAN BROADBENT , Director (Lives in a remote location so calls/texts may not connect immediately but are generally received and will always be returned) 07903 588394

DANIEL COLLINGS , Senior Underwriter (new enquiries) 07903 652115

CAROLINE BURGESS , Senior Administrator (existing application updates) 07403 304346

DEBORAH BEE , Accounts Manager (Management of existing outstanding accounts) 07804 871294

Vicki Wright , Accounts ( payment enquiries )07340 115766

ABOVE ALL THE TEAM AT HFBS WISHE ALL OUR INTRODUCERS, CLIENTS AND SERVICE SUPPLIERS GOOD HEALTH IN DIFFICULT TIMES. STAY SAFE AND WE WILL RESUME NORMAL WORKING PRACTICES AS SOON AS POSSIBLE.

Historically bridging loans should have a swift completions, the modern day reality is often they are little quicker than a residential mortgage but HFBS are different, old fashioned great service with a proven track record of achieving amazing customer service.

HFBS will go the extra mile to meet a customers expectations, whether that is speed, efficiency, meeting face to face at short notice up and down the country or just delivery on what they offer, they will meet the customers’ expectations.

Simply put, HFBS deliver market leading service, every day…

Mr Matt Tristram, Co-Founder & Director of Loans Warehouse

The recent completion of a £205,000 advance, secured against a purchase, and completed in just three working days from initial contact prompted the following response from one of our significant introducers:

“Here @ Y3S we always have a positive approach, regardless of time constraints and tight deadlines. This case in particular was a challenge to say the least. But we knew, if we had the right partner and the right attitude, then this is something we could achieve. This is not the first time with have used HFBS, so we knew we had the right partner on board. From start to finish, Ian & his team mirrored our own enthusiasm to get this one done”

Mr Andrew Gage, Y3S Group

More4 Loans selected HFBS as our preferred bridging lender because they are exactly the type of lender we want to partner with. Not only do they offer a fantastic range of bridging loan products and with nationwide coverage, their speed of service is second to none. Ian and his team are quick to reply with approvals in principle and as they don’t need clients to employ solicitors can often turn round cases to completion in a matter of days. More4 Loans would have no hesitation in recommending other mortgage brokers, IFA’s or intermediaries to use HFBS

Mr Steve Pollard, More4Loans

HFBS are an innovative and dynamic company. Their bridging loan proposition fulfills a much needed niche in the bridging market. They take a common sense approach to lending and offer a great level of service.
Referring cases over to them could not be more simple and we are assured that our clients will be dealt with in a professional manner.

Mr Ian Miller, Highcroft Securities

When you need hassle-free, fast bridging I would always recommend HFBS. Every time they deliver again and again.

Mr Chris Warner, First4Commercial

We have worked with Holme Finance Bridging Solutions (HFBS) on many occasions over the years, primarily for smaller bridging loans of between £10k and £200k. Without doubt they are the best performing bridging company we have used. They always do what they say and move quickly to complete a deal and pay the commission. If its not one for them, you are told at the outset so you can immediately try and place elsewhere

Mr Gary Latham, bridgingloans.co.uk

Ian always finds time to chat through each potential deal, always honest in his assessment, and if he says he can do it, he will, promptly and efficiently! How refreshing in today’s market!

Mr Mike Wipfler, Lodhi Finance