Tag Archives: bridging success

instant decisions

Brokers Prefer Instant Decisions

Contrary to popular opinion the appetite for investment property post Brexit remains strong. Unlike many lenders whose immediate reaction was to withdraw funding or impose significant changes in criteria Holme Finance Bridging Solutions (HFBS) recognise both brokers and their clients need stability which is why their sensible approach to underwriting is simply a prefered solution.

HFBS provide clear underwriting guidance, make instant decisions and, importantly, haven’t imposed changes in criteria on pipeline deals or failed to honour an agreed advance. This winning formula for the company has seen a steep increase in broker approaches and record lending levels achieved in July.

With an average completion 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.

Ian Broadbent, Director at HFBS says: “We are in the business of supporting our brokers and  individual clients with a genuine short term need and consistent, reliable lending decisions are key. A lot of lenders ran for hills post referendum but we haven’t because demand is there and we’re simply giving our brokers what they want – a good working relationship, quick turnaround of funds, and simplicity.”

HFBS offer the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £50,000. 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.

property auction

PROPERTY AUCTION FUNDS

Getting financial arrangements in order before a property auction was a top priority for a London Property developer looking to maximize profit.

With a refurbishment project coming to end, and with agents just instructed to market the property, he was eager to move on to his next development and keep his team in work.

Planning to buy a property at auction he wanted to go in as a cash buyer to allow for a quick completion and limit the time of inactivity. The £172,000 advance was needed within a very tight timeframe, which ruled out traditional mortgage lenders.

Ian Broadbent, director at Holme Finance Bridging Solutions says: “The developer’s broker has had many dealings with us over the years and knew that if we said it could be done – that it would happen!

I personally completed the paperwork with the client and released the funds in just four working days. It would have been quicker but the size of the advance and requiring the security address to be valued prevented that, still four working days is pretty impressive.”

He was able to purchase his property at auction and able to continue to his next development.

Holme Finance Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.

joint venture

JOINT BUSINESS VENTURE ON TRACK THANKS TO LOAN

A joint business venture that looked set to fail avoided delays thanks to quick thinking from bridging loan lender Holme Finance Bridging Solutions.

After failing to secure commercial development finance, and refusal from a mortgage lender to raise the funds via a Buy to Let property, the business venture hit a brick wall.

With workmen lined up and 95 thousand pounds needed to acquire the development and secure the business venture, delays were not an option.

Holme Finance were approached with the request for a 95k loan, which included clearing a 20k business loan which was secured on the client’s BTL; the balance of the funds were to purchase the building development project jointly with his business partner.

Ian Broadbent, Director at Holme Finance Business Solutions says: “Our client needed to complete as fast as possible to secure his new business venture and acquire the development plot. Due to the purpose of the capital raising it was a contract that was exempt from FCA regulation and so we were able to advance the full amount needed and within the timescales that he required to save the deal.”

HFBS cleared the small business loan directly and released the additional sum to the client by securing against the BTL property and cross charging the client’s own residential property. Due to the significant amount of equity in the client’s own home address HFBS were able to rely on a drive-by valuation helped to speed up the process and also saved the client over £500 in upfront fees.

Holme Finance Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.

 

high rates

FRESH START LOAN AVOIDS HIGH RATES

Holme Finance Bridging Solutions approve an 80k re-bridge deal saving client from a default rate of 5% a month on a previous bridging loan – high rates can be avoided.

This may sound like risky business but Ian Broadbent from Holme Finance Bridging approaches each case on an individual basis taking the time to understand the client’s need and personal situation – failing to redeem a previous bridging loan isn’t an automatic no.

In this case the client requested funding on a second charge basis to redeem an existing bridging loan account. The six-month bridging loan was due to be repaid from the sale of a family house, however that didn’t go according to plan. With the six month loan term about to expire, a solution was needed to avoid the astronomical repayments at the lender’s default rate of 5% per month.

Ian Broadbent, director at Holme Finance Bridging Solutions says: “On paper this probably would have scared many providers away but after speaking to our client it became clear our client had no control over the sale of the family property falling through. He wanted to clear the existing bridging loan to prevent it from jumping to the default rate and have a fresh start. The client had now had a secondary exit strategy in mind and as such we were confident that our option would give the client the time needed to get things back on track.

The deal made sense and the client was fully aware of the situation and the short-term nature of the agreement. Holme Finance Bridging Solutions battled the Christmas post and the legal administration concerning the redemption figure and paid out in just eleven days saving the client default fees, legal fees and default interest at a far higher rate.

Holme Finance Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.

new property developers

LOAN ENSURES CREDIT STATUS IS CLEAN

New property developers keep credit status clean during their first project thanks to Holme Bridging Finance Solutions clearing debts with a 25 thousand pound loan.

New to property developing the client had purchased a semi-derelict small investment property for cash. Having completed all the essential building works they needed further funding to complete the refurbishment – which they did through borrowing on credit cards.

Ian Broadbent, director at Holme Bridging Finance Solutions says: “They were new to the property development game and although they had done an excellent job on the property they had limited financial knowledge and didn’t know the funding options available to them.

“With no income they were struggling to maintain the monthly commitments and recognised they would be in a financial mess if they didn’t look for a better option. We stepped in with a £25k net loan to enable them to clear all of the outstanding invoices and credit card debt that they had taken on. They then had the option of adding the interest payments to the account.

With no income until the property sold taking a bridging loan met with their needs perfectly and enabled them to keep their credit status clean pending the eventual sale.

Ian continues: “As a first charge and having personally inspected the property we were able to satisfy ourselves that our option would actually benefit the client. We advanced without the need for a full valuation within just five days of them applying.”

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.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.

PERFECT BRIDGING

HFBS HAVE THE PERFECT BRIDGING FOR NORTH SOUTH DIVIDE

If you thought there was a bias to bridging loans in the south, or more specifically within the M25, then you’d be right, but it isn’t all doom and gloom.

The fact is bridging loan companies with no limit to funds are generally owned by big companies, big companies looking to make big gains. Small loans are small fry and relatively inconsequential in the grand scheme of things.

Not so for Holme Finance Bridging Solutions. They don’t hold a geographical or loan size bias, they welcome working with clients throughout England and Wales irrespective of property value.

Ian Broadbent, Managing Director at HFBS says: “Our funders are wealthy individuals not corporations. Our average loan is generally 60 thousand, and this is how we like it. We love small bridging loans and working face to face with our customers to understand their long term goals and how we can support them – perfect bridging.”

So before you think you’re too small, think again,

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.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straightforward application without the need for solicitor involvement. Simpler, quicker, cheaper.

THE LAST 12 MONTHS

Ian Broadbent, Director of Holme Finance and Bridging Solutions, shares his view on the last 12 months in the bridging market and what it means for the year ahead…

The financial ‘squeeze’ has brought short term secured lending well and truly into the mainstream. Bridging loans have almost become the go-to loan of choice resulting in the rapid expansion of a number of lenders. It’s nothing new, but the sector has benefited from an increase in understanding and awareness amongst everyday people like you and I.

The flexibility of short term lending is the real pull for clients. Consider the range of options on offer. Advances from £10,000 up to £20,000,000 or more, terms from one month to 36 months and rates from just 0.59% up to 2% plus. This should be surprising given how difficult the traditional routes of funding are.

In addition, security can include land, commercial, buy-to-let, and just about any legal title imaginable. The borrower might be an individual, a limited company, a limited liability partnership or offshore trust, and with income evidence not required, adverse credit not a problem and speedy turnarounds – flexibility has well and truly become the preserve of the bridging loan lender.

However, it is also important to remember that this level of service will only come from an experienced bridging lender who can actually deliver.

See the full article here.

The above article was featured in Bridging and Commercial.

We are delighted to be featured and recognised as one of the leading bridging loan providers with a variety of specialist areas making us stand out from the crowd. The article was also shared on their Newsletter. Follow B&C on twitter @BandCNews

property mortgageable

COMMON SENSE DEAL GETS PROPERTY TO MORTGAGEABLE STATE

10k further advance for refurbishment project was desperately needed to prevent builders from downing tools and walking off an over budget project that wouldn’t complete a property to mortgagable state.

An existing client of Holme Finance Bridging Solutions (HFBS) the client was initially advanced a net loan of 25 thousand pounds but due to unforeseen circumstances the project went over budget.

Although the client had a very well thought out plan, with a thorough schedule of costs and works, once the works commenced it become clear additional work was needed to rectify a damp issue that had penetrated joists beyond repair.

Ian Broadbent, director at HFBS says: “Whilst he had a contingency in his budget it went slightly over. The two options were force the sale of an incomplete property, or agree a small further advance allowing him to complete all works and market at the full true open market value as intended.

Common sense kicked in, we didn’t want builders walking off the job leaving the client with a property that would not be easily marketable. We gladly agreed to advance a small second account to him to enable him to get to where he needed to be.”

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.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.

NOTHING TOO COMPLICATED TO BRIDGE

A semi-commercial deal that was a little more complicated than usual secures a bridging loan for 100% of the purchase price.

The client had agreed to purchase a shop with planning for living accommodation above.  Contracts were exchanged with a deferred completion date and development of the property progressed in the mean time.

HFBS arranged funding to complete the purchase as planned. The property is now split into three shops on the ground floor and 14 student lets above.

Ian Broadbent, director at HFBS says: “Due to the significant improvements made to the property and the fact that the client has increased the value of the security we are more than happy to support our client and this development.”

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, unlike many of their competitors who require ultimate agreement from the hedge fund/bank.

HFBS prides itself on being very different, filling a niche in the market to complement existing providers of short term finance and completing the more straight forward application without the need for solicitor involvement. Simpler, quicker, cheaper.