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.