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.”
If you are looking for the application of common sense and a lender that shares your clients urgency HFBS are here for you. Just call 01724 865577 or email here.
Brexit! Not again I hear you scream! But this is positive news so please bear with us.
Many introducers have recently reminded me of the absurd knee jerk reaction of some lenders following the June 2016 referendum result and the inevitable return to normal when nothing much changed!
As with all such reactions whilst short term in nature it did cause significant disruption to introducers and their clients alike. Here at HFBS we are known for our straight talking, there is never any uncertainty when dealing with us, which is why we want to take this opportunity to put your mind at rest.
Take comfort in amidst of all of this uncertainty that we have continued to shun bank or other corporate funding to plough our own furrow with significant increases in our private funding lines and a growing book value.
Brexit or remain, I suspect we can all agree on one thing, the continued lack of any certainty at such a late stage is farcical. That is why we are pledging now that there will be NO knee jerk reactions from us, NO reducing LTV’s, No increasing rates and definitely NO pulling of our products in the days following an exit however that takes place. We value our introducers support and will continue to do so. Forward plan with confidence!
HFBS is one of the very first to be involved in bridging finance. We’ve been there and seen it all to come out wiser and stronger.
Be confident that as a privately funded lender, we can make immediate decisions and in most cases complete without the aid of solicitors. We’re all about getting someone where they need to be and supporting both them and their introducer to a successful exit strategy without imposing penalties!
We are happy to consider the ‘quirkier’ deals or those outside our terms. HFBS are absolutely dedicated to supporting and building long lasting business relationships.