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.”