need a slice of the smaller stuff

NEED A SLICE OF THE SMALLER STUFF?

Holme Finance Bridging Soltuions (HFBS) are experts when it comes to the smaller bridging loan and have been working on an semi-exclusive basis with some of the largest specialist intermediaries in short-term lending for over 20 years.

need a slice of the smaller stuffWith advances from just £10,000 up to £250,00, and rates from just 0.95% per month the HFBS system is designed to avoid the use of solicitors. In addition to this many complete without the need for physical valuation ensuring 70% of applications complete within a maximum of 10 days. This significantly reduces costs and makes the ‘smaller’ bridge much more viable.

Ian Broadbent, director at HFBS says: “Most customers really value our unique way of providing finance and our ethos of providing simple, quick small loans without solicitor involvement. Our application form is a simple two pages, there is no minimum valuation, no maximum adverse, and second charge is available without first mortgagee consent, all we ask is that the client has adequate security and a sensible exit strategy.”

HFBS is entirely privately funded and has complete authority over lending policy allowing for a ‘common sense’ approach to a clients needs.

No solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, no default rates. HFBS really mean business.

Simpler, quicker, cheaper.

FLYING START FROM LOCKDOWN CONTINUES

Following on from our last news referring to the flying start made since our return on the 11th May 2020 we are delighted to list more of the cases we have completed in the last week.

The following cases were received as new applications on or after the 11th May:

Mr M

The client had been impacted by Covid 19 and exit plans for his existing bridging finance had been delayed meaning he required a lender with a flexible approach to re-bridging. We advanced £97,999 at 1.35% mth over 12 months with interest to be ‘rolled up’ secured by second legal mortgage over an investment property. The valuation was established by a combination of AVM and our own inspection.

Mr A

The client is self employed as a property manager and short term income has been impacted by Covid 19. We advanced £52,395 at 1.25% month over 12 months secured as first legal mortgage  for business cashflow purposes.  The security was a residential BTL estimated at £150,000 . Valuation was established solely by AVM only.

Mr & Mrs S

The clients were looking for a moderate advance to invest in their business and secure a major contract. We advanced £28,975 at 1.5% month over 12 months secured by second legal mortgage with interest rolled up. The security was a residential BTL estimated at £300,000 with an existing mortgage of £107,000. Valuation was established by AVM only.

Mr & Mrs C

The clients had an existing bridging loan however they required more time to secure an exit and significant additional borrowing for a business opportunity. We advanced £153,895 at 1.1% month over 12 months with interest to be ‘rolled up’ secured by second legal mortgage over the clients’ home address. The valuation was established by a combination of AVM, agents proposed sales estimate and our own inspection.

Ian Broadbent, direct at HFBS says: “It looks like lockdown was a distant memory! People are so keen for bridging and keen to get ahead with their plans. The bridging business is facilitating those plans and people, especially our brokers are appreciating our quick and uncomplicated ways of working.”

For a lender with genuine USP’s and an urgency that matches your clients why not give us a try ?

HFBS first week back success

FIRST WEEK BACK SUCCESS

The first week back for HFBS results in success.

HFBS returned to work at 9 AM on 11th May, by 4PM on the 20th May 2020  the team had issued full contractual terms on 11 cases and completed/funds to the client on three of those cases as follows :

“We advanced £42,495 at 1.35% mth over 12 months with interest to be ‘rolled up’ secured by first legal mortgage over two Buy to Let properties valued at £50,000 each. The valuation was established by a combination of original purchase prices/AVM and our own inspection.”

“The client had an urgent need to redeem an existing bridging loan to buy more time to secure a sale. The security was a residential BTL estimated at £250,000 in current condition ( in need of moderate refurbishment ) . Valuation was established by our own inspection of the property / comparable evidence. We advanced £100,855 at 1.2% month over 12 months with interest ‘rolled up’ and  secured by first legal mortgage.”

“The client had an urgent need to redeem an existing bridging loan to buy more time to secure a sale. The security is a car sales forecourt with on site living accommodation valued for a previous proposed lender in January 2019 . We advanced £32,719 at 1.75% month over 12 months with interest ‘rolled up’ secured as a second legal mortgage behind the clients bank mortgage of £187,000. Valuation was established by using the old valuation.”

Ian Broadbent, direct at HFBS says: “When we got back to business on the 11th we really had no idea what would happen. However it’s clear, the bridging business is back in business and we’re now anticipating funding a further deal before we take a well deserved long weekend off.”

If you are looking for the application of common sense and a lender that shares your clients urgency HFBS are here for you. Just call 01724 865577 or email here.

HFBS gets back to business

HFBS GETS BACK TO BUSINESS

HFBS is delighted to announce a return to normal… ish lending with effect from the 11th
May 2020.

HFBS gets back to businessHFBS took the difficult decision to temporarily cease lending in the 25th March 2020 as it was unable to offer the exceptional levels of service it is renowned for, however funding is very strong and our appetite wholly undiminished.

It is, of course, difficult to ignore the continued ‘elephant in the room’ and there will be a limited number of minor adjustments to our working practices limiting our lending to the more straight forward applications.

We are absolutely committed to clear, open communication with our introducers, and in this spirit would outline our intentions as follows:

CRITERIA
As we have previously communicated we have NO plans to reduce our standard published LTV’s or to increase our lending rates.

TIMESCALES
We are aware that clients have now, more than ever, a need for swift access to finance. In order to achieve this and avoid the requirement for solicitors ( many of whom are working on a very limited basis ) we will be applying our normal policy of visiting clients.

This will be done in a socially responsible way taking all necessary precautions, however if your client is unwilling to see our representative then significant delay will occur. Please ensure your client is aware of our requirement at the outset. We anticipate all ‘straight forward applications’ will be completed within 7 days of application.

VALUATIONS
As you will be aware it is near impossible to obtain internal valuations at present therefore we are happy to consider any applications up to £100,000 in value based on one or more of: AVM/stated purchase price/comparable research/previous valuations within the last 2 years /drive bys and personal inspections. Advances in excess of £100,000 may be considered based on one or more of previous valuations in the last 2 years / personal inspection and drive bys.

COMPLEX CASES / COMMERCIAL UNITS ( INC HMO’S )
Whilst we return with a positive mindset it may naturally be more difficult to process and complete more complex or non standard applications. However we are happy to discuss any application and provide an honest opinion on our ability to proceed.

RE-BRIDGING
We have always prided ourselves on our commitment to working with our existing account holders when it is clear additional forbearance will achieve a favourable outcome. We wish to extend this facility to those clients with alternative lenders who may not be in a position to do so, therefore if you have applicants requiring a ‘re-bridge’ we will prioritise these where possible.

These are extraordinary times. However, so long as there is a demand HFBS wishes to support you and your clients. Should you have any questions please feel free to call us.
01724 86 55 77

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.

CORONAVIRUS – CHANGES TO WORKING PRACTICES

We at HFBS pride ourselves in the uniquely personal service we provide which enables us to offer industry leading support for our intermediaries and completion times for their clients. Unfortunately extraordinary times call for an extraordinary response and we are mindful of the government’s recent advice to stay at home unless ‘ your work is essential and you are unable to work from home’.

We take our responsibility to all those in our loan processing chain ( introducers, clients, surveyors, existing mortgagors , solicitors etc ) and our overall social responsibility very seriously. We believe that the inevitable enforcement of this ‘lock down’ will make it impossible to process and complete applications.

With effect from close of business on Wednesday 25th March 2020 and until further notice we WILL NOT be accepting, processing or completing applications.

Our initial hope is that this will be for a period of no more than three weeks though we will, of course, be following the government’s guidance. 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 Yendall-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

It is understandable that clients with an existing account may contact their introducer for advice. On this basis please refer to our advice for existing account holders below.

EXISTING ACCOUNT HOLDERS

As a responsible lender we understand the potential of the current crisis to impact on a clients ‘exit strategy’ , and as a result their ability to meet the contractual obligations to redeem any advance in term.

We can assure you that we will be applying our discretion in a sympathetic manner and will always talk to you. In the first instance these are our promises and recommendations :

  • We will NOT instruct any new litigation where a contractual default occurs until at least the 1st July 2020.
  • Where a contract becomes ‘term expired’ we do not ( and will not ) charge a Default Rate . Interest will continue to accrue only at the contractual rate applying to the original term.
  • We do not ( and will not ) share information regarding the status of an account with any credit reference agencies therefore your credit worthiness will not be affected.
  • For those accounts becoming ‘term expired’ between 23rd March 2020 and 1st July 2020 we will waive our usual ‘forbearance fee’ of £400 and provide 1 additional month over and above the contractual term without charge ( OTHER THAN CONTINUING INTEREST AT THE CONTRACTUAL RATE )
  • Should you be in a position to make any form of payment however small or large we will accept these as a partial redemption without charge and , once applied to the account as cleared funds, will charge interest only on the remaining balance. IF you are in a position to do so we strongly recommend you do this to reduce your overall cost. Instructions on how to do this can be obtained my emailing on the address above or contacting Mr Ian Broadbent / Mrs Deborah Bee.

ABOVE ALL THE TEAM AT HFBS WISH 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.

 

 

24 hour bridging loan turnaround

24 HOUR TURNAROUND SEES HOLDAY BUSINESS FUTURE

24 hour bridging loan turnaround from Holme Finance Bridging Solutions sees client able to seize the opportunity of investing in a holiday business with a £35,000 short-term loan.

24 hour bridging loan turnaroundWith a vacant investment property on the market for £160,000, but with no real opportunity for a quick sale, HFBS were approached to advance a loan quickly to allow the set-up of a holiday business before the summer peak period.

Dan Yendall-Collings at HFBS says: “We were approached by a broker who came to us knowing we could act quickly.

“We were satisfied with the investment property as security and happily provided the funds for the holiday let business.

“On this occasion we were able to complete and provide the funds within 24 hours – which has got to be a record! We paid the broker fee on the same day which left us with a very happy broker and equally happy client.”

HFBS received the enquiry on a Monday, sent the documents to the client the same day, and met the client the following morning to confirm terms. Tuesday afternoon the funds were transferred following confirmation of a 12 month term at a rate of 1.35% and all without the need for a valuation.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £5,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending. No solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, no default rates. HFBS really mean business.

Simpler, quicker, cheaper.

LUXURY BUNGALOW BUILD GOES AHEAD WITH BRIDGING LOAN

Luxury bungalow development goes ahead after Holme Bridging Finance (HFBS) approve a total of £75,000 to move the development to completion.

Luxury bungalow development goes ahead afterHaving paid cash for the land and funded the footings and block work to this point the developer approached HFBS for a bridging loan of £30,000 to progress the development beyond its completed DPC level to a watertight shell.

Once watertight HFBS were approached to arrange a second account of £45,000, registered as a second charge behind the existing first charge, to take the property to completion and sale.

Dan Yendall-Collings at HFBS says: “With this deal coming in two parts, beginning with little more than a built outline of a property, we did require the confidence in knowledge that the development was on track and would ultimately be saleable at the various stages of development. Once we received favorable valuations at each stage, and confirmation of the projected sale price of up to £325,000, we were confident in giving the go-ahead.”

The first charge loan of £30,000 was offered at 1.45% rate over 12 months which HFBS completed within eight days. The second charge of £45,000 was completed within a record breaking three days.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £5,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending. No solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, no default rates. HFBS really mean business.

Simpler, quicker, cheaper.

HFBS are winners of lender of the year.

HFBS are winners of lender of the year

HFBS are winners of lender of the year but what does this mean you ask?

HFBS are winners of lender of the year.Well as you know we are a modest bunch at HFBS but there is something you need to know about us – that is if you didn’t know already!

With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, no default rates. HFBS really mean business.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £5,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending.

It really couldn’t be any more simpler, quicker, cheaper.