Bridging Loan from Holme Finance Bridging Solutions provides missing link as it pays out 60k in just three days to help property developer keep his team rolling on to the next development project.
The initial funding plan was for the developer to wait for the proceeds to come through from the sale of a holiday home overseas. When that didn’t happen on time, and the developers latest project completed earlier, he approached HFBS to help him get started on the development of a piece of land.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “The developer just wanted to roll his team on to the next job seamlessly after a piece of land he had purchased acquired panning permission.
Although we will consider any security, valuing land without any comparison is tricky, the only option would have been to obtain an independent valuation. However the developer presented a standard residential BTL property free of a mortgage and worth in the region of £600,000 as security.
This enabled us to fund his next phase extremely quickly ensuring the client and his team kept rolling – everyone is happy.”
As there was no first mortgage on the property, HFBS were not delayed verifying the balance or obtaining a redemption figure, and due to the obvious value of the security address were able to offer the full amount required without the need for a full valuation.
HFBS were recommended as the preferred lender due to their long-term business relationship with the developer’s broker and their track record delivering within tight timescales.