Tag Archives: bridging loan

When an investment bond turned out to reserve heavy penalties for an early draw down an investor’s commitment to buy an auction property seemed to be in immediate jeopardy.  

HFBS FUNDING SECURES AUCTION INVESTMENT

When an investment bond turned out to reserve heavy penalties for an early draw down an investor’s commitment to buy an auction property seemed to be in immediate jeopardy.

When an investment bond turned out to reserve heavy penalties for an early draw down an investor’s commitment to buy an auction property seemed to be in immediate jeopardy.  With the client subject to a four-day deadline to complete the £100,000 payment of the property purchased at auction, HFBS had to act quickly to make the deal happen.

Dan Yendall-Collings, senior underwriter at HFBS says: “We were approached by a broker who knew we could provide funds within a week, thus ensuring the client could meet his property purchase commitment. We were asked to secure on an unencumbered investment property worth in the region of £650,000. A desktop valuation showed very clear evidence that the equity was more than sufficient for our £100,000, which allowed us to fund without a full valuation. This saved the client any upfront costs and enabled us to meet his tight deadline.”

HFBS issued documents, which were with the client on a Wednesday, followed by a visit from HFBS on the following Thursday to complete paperwork, with the completed documentation back on the Friday the necessary funds were released.

Completed within three days HFBS funded the £100,000 bridging loan over a 12 month term at 1.1% per month.

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.

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.

Uninterrupted Service Whilst Demand Remains

Dear Introducer,

As you will be aware we have significant USP’s particularly in respect of our processes which allow for industry leading completion times. These rely heavily on our ability to be office based and we are therefore delighted to be included (as a short term lender) in the government’s exceptions to the ‘stay at home’ message.

We know how disruptive a third major lock down is likely to be and it is with this in mind we wish to assure our valued introducers that we WILL continue to provide a completely uninterrupted service whilst a demand remains.

We will NOT be amending criteria, nor will we be changing our process.

In short we at HFBS recognise we have the best supporting intermediaries in the industry and are committed to supporting you through this difficult time.

Feel free to get in touch on sales@hfbridging.co.uk

We look forward to receiving your enquiries.

HFBS ARE PUTTING TOGETHER THE PERFECT PRESENT THIS CHRISTMAS

Holme Finance Bridging Solutions (HFBS) are putting together the perfect present this Christmas busy wrapping up deals, but if you have money on your Christmas list it’s not too late as HFBS won’t be packing up for festive fun yet!

Holme Finance Bridging Solutions (HFBS) are putting together the perfect present this Christmas busy wrapping up deals, but if you have money on your Christmas list it’s not too late as HFBS won’t be packing up for festive fun yet!Christmas is a financing deadline for many people however, for those that have left it late, many conventional lenders will not be able to advance a loan between now and Christmas, however HFBS can!

You may know us for our small loan capacity, but we also have the capability to extend our swift working to advances of up to two hundred and fifty thousand pounds. And being entirely privately funded, the funds are ready and waiting.

Ian Broadbent, director at HFBS comments: “Brokers may be thinking there is little possibility of securing a loan for their clients before Christmas, however at HFBS that is what we do, quick bridging. We complete in less than seven working days, most within five, so there is still plenty of time. And with our unique specialist lending track-record and no solicitor involvement in most cases, the time spent on administration is substantially reduced to ensure a speedy and seamless loan process. So no need to wait. Want your money before Christmas, no problem!”

With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £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. Simpler, quicker, cheaper.

UNCONVENTIONAL PROPERTY REQUIRES UNCONVENTIONAL FINANCE

Struggling to raise finance by conventional means, Holme Finance Bridging Solutions (HFBS) were approached to assist in helping a property developer complete a programme of renovations on an unconventional property build before letting the property out.

Not being of traditional brick and tile construction meant the developer was limited to the amount of standard lenders willing to take on the case. Adding to complications, it had been vacant for a number of years and required considerable renovation works to make it habitable from its semi-derelict state.

Dan Yendall-Collings, senior underwriter at HFBS says: “Conventional lenders wouldn’t look at this short term deal but we were willing to take a closer look. Purchased for £95,000 cash, £50,000 was required to get the property ready for a tenant. After meeting with the client and viewing the property, we were confident that the developer’s fully costed schedule of works were realistic and achievable and happy to lend to get the project complete and viable for a longer term refinancing option.”

HFBS required a valuation in this instance but once complete and satisfied with the feasibility of the works proposed a two-stage drawdown plan was agreed. Starting with an initial net advance of £25,000, the second account would be provided once stipulated works carried out are completed subject to HFBS inspection. The loan agreed is over a 12 month term at a rate of 1.35% per month to be paid once the property is successfully re-financed.

With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £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. Simpler, quicker, cheaper.

HFBS HELP CLIENT TAKE BACK POSSESSION OF HOME

HFBS HELP CLIENT TAKE BACK POSSESSION OF HOME

When an interest only mortgage came to the end with no funds to pay the final sum it looked like an important family asset was about to be repossessed, until Holme Finance Bridging Solutions approved a loan to recover the situation.

HFBS HELP CLIENT TAKE BACK POSSESSION OF HOMEThe client had mistakenly ignored the due date for final repayment and latterly failed to secure refinance due to poor credit. Now, with the realization that a sale was the obvious exit, the mortgagor had lost patience and was due to repossess.

HFBS recognized that the client, albeit belatedly, had acknowledged the need for a sale and the best outcome for them was to secure this themselves with a sensible marketing period (avoiding significant legal costs and the potential for a sale to be completed by the mortgagor at a lesser price). Approached for the mortgage redemption sum of £216.900, HFBS were able to complete very quickly providing the client with the best outcome.

Ian Broadbent, director at HFBS says: “The property was valued at £385,000 so the LTV looked good enough to allow for a satisfactory end to what was a very stressful situation for the client.

“We always look for the best outcome for clients. It was clear that allowing their property to go into possession with the monthly accrual of costs and fees wasn’t going to help but only compound the situation. Properties in possession typically don’t achieve the value required. This way we’re confident of a successful sale at the market rate.”

HFBS provided the loan over a 12 month term and a rate of 0.95% per month to be paid once the property is successfully sold.

 With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.