When HFBS received a call from Loans Warehouse to assist their client with a bridging loan, they knew time was of the essence to help with a cash flow blockage.
The enquiry for funding was logged last thing on Monday with a deadline of Friday that week. The client required £80,000 to urgently plug a cash flow gap and pay suppliers to his business.
With the intention to pay suppliers with proceeds from a property sale, it was clear that although a sale had been agreed it would not go through quick enough to release the funds required.
HFBS stepped in assured they would be able to turn the deal round very quickly.
Ian Broadbent of HFBS commented: “This was a straight forward case. We were able to use the client’s property as security. No valuation was necessary as it was on the market for £305,000 with the client producing a memorandum of sale for £300,000.”
Being first charge on the property HFBS didn’t need to wait for confirmation of a mortgage balance. The paperwork was with the client Tuesday morning, signed and sealed the next day and paid out Thursday morning taking less than 24 hours of working hours to complete.
The loan was agreed with a 12 month term although expected to be repaid within the next 3 months pending property sale at a rate of 0.99%.
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.