Monthly Archives: March 2020

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.