Monthly Archives: February 2021

HELPING WITH PRE-CONTRACT DISCLOSURE

As a responsible lender with a heavily broker focused model we are continuously looking for ways we can provide assistance and support to our valued introducers. Therefore what can we change or provide you that will assist with pre-contract disclosure?

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Whilst we provide only unregulated ‘exempt’ agreements we are aware of recently introduced requirements for additional pre-contract disclosures imposed by the FCA.

Whilst we appreciate that introducers will have their own means of expressing this information it must, in the first instance, be clearly communicated to you by us.

 

We are reaching out to ask, how can we assist? What, if any, amendments can we make to our day 1 illustrations that will help you? What information do you require? Is there a style or wording preferred?

As you know, here at HFBS we hit the ground running, never ones to rest on our laurels, so in that spirit of working together to support one another we thought we’d ask; how we can make your job easier?

Your feedback would be both valuable and appreciated. Let us know how we can help. It’s always a pleasure.

Holme Finance Bridging Solutions (HFBS) fund a developer’s derelict ambition and it pays off with the property valued with a projected one hundred and forty five thousand pound profit.

DERELICT AMBITION GETS THE FUNDING

Holme Finance Bridging Solutions (HFBS) fund a developer’s derelict ambition and it pays off with the property valued with a projected one hundred and forty five thousand pound profit.

When a developer saw the potential in a derelict property bought for £80,000 cash, HFBS were approached to advance of £30,895 as a first charge so he could start the development. Three weeks after the developer was ready for the final tranche of £26,895 to complete the work.

Dan Yendall-Collings, senior underwriter at HFBS says: “This was a derelict property, you could see right through the second floor, the attic and see daylight! He was clearly a very experienced developer because after spending the first advance it was watertight, the damp proofing complete, a new roof, and new windows and doors. The joists and floors had been reinstated with a staircase and the outside had been rendered with the garden landscaped – surprisingly all within three weeks.

“Spending the first drawdown had increased the value, as confirmed by our valuer, to £140,000 and upon completion of the project the property is expected to be worth in the region of £200,000-225,000.

HFBS advanced the first bridging loan of £30,895 and then a second of £25,000, plus fees, to complete the internal fittings, kitchen and bathroom, central heating system and final decorations. A valuation was required due to the extreme nature of the property but from application to funds issued the first deal completed in 10 days and the second in just seven.

HFBS issued a £30,895 bridging loan as a first charge over a 12 month term at 1.75% per month plus £25,000 as a second charge over a 11 month term at 1.75% per month.

If you have a funding requirement you’d like us to look at get in touch here.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £10,000. 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.