Bridging Loan from Holme Finance Bridging Solutions provides missing link as it pays out 60k in just three days to help property developer keep his team rolling on to the next development project.
The initial funding plan was for the developer to wait for the proceeds to come through from the sale of a holiday home overseas. When that didn’t happen on time, and the developers latest project completed earlier, he approached HFBS to help him get started on the development of a piece of land.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “The developer just wanted to roll his team on to the next job seamlessly after a piece of land he had purchased acquired panning permission.
Although we will consider any security, valuing land without any comparison is tricky, the only option would have been to obtain an independent valuation. However the developer presented a standard residential BTL property free of a mortgage and worth in the region of £600,000 as security.
This enabled us to fund his next phase extremely quickly ensuring the client and his team kept rolling – everyone is happy.”
As there was no first mortgage on the property, HFBS were not delayed verifying the balance or obtaining a redemption figure, and due to the obvious value of the security address were able to offer the full amount required without the need for a full valuation.
HFBS were recommended as the preferred lender due to their long-term business relationship with the developer’s broker and their track record delivering within tight timescales.
What impact will Brexit have on the bridging loan sector? Will it have an impact on the work we do?
I’m no more informed than the rest of us. Let’s be honest, if we’re in we’ll stay as we are and who knows if we leave.
However I will make one point. The EU has put untold and unnecessary stress on our sector. The legislation, that has been designed with larger institutions in mind, applies to us little guys too.
Many can’t cope with the mountain of regulation, or the framework that simply wasn’t designed for their businesses. So perhaps OUT would provide our own lawmakers with the opportunity to make more appropriate rules.
Regardless of where we are at the end of June our approach won’t change. We will always refuse to compete directly with our introducers, we’ll maintain rapid completion times, and continue to provide an exceptional service.
Can you name another lender that…
Offers second charge bridging from just 0.95% per month
In most cases completes with NO solicitor involvement
Average completion in 7 days from initial application
Completes many cases without valuation
Second charge completed without first mortgage consent
Offers NO limit on adverse / NO minimum valuation
Provides advances up to £25,000
That is entirely privately funded, no bank mandates, no fixed rules
Read all about our lightening quick bridging loans here
Residential developer calls upon Holme Finance Bridging Solutions to complete a luxury detached bungalow development in Somerset.
A repeat customer of HFBS, the business relationship is long-standing. During the last decade this developer has benefitted from the quick decisions made by HFBS ensuring successfully completed developments.
A slight overspend on unforeseen but essential utilities work left the developer £10,000 short of completing crucial external landscaping.
Yet again her broker recommended HFBS to ensure a speedy cash injection was received, and the development avoided completion delay.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “We have been with this developer right from when she started with small-scale developments of flats and terraced houses. We knew her track record was good, but her latest development has certainly surpassed her previous.”
HFBS met with the developer at her security address to see the progress to date and had no hesitation in supporting her. They were able to fund without the need for solicitors, and completed within three working days from application.
Ian continues: “We have been with this developer every step of the way during the past decade and are incredibly thrilled to see how far she has come during this time. Thanks to her broker recommending us she’s on track yet again for another successful refurbishment and sale.”
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.
HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.