Developer seeks out Holme Finance Bridging Solutions after financier refuses to release next stage of funds leaving the development of a block of flats in crisis.
Through no fault of his own the developer found himself vulnerable without the means to complete a schedule of works to complete his development.
Determined to avoid further delay he secured a £93,000 advance as a second charge from the HFBS team.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “ The refusal from the initial financier to release the second stage of funds came as a complete shock to our client. The project could have quickly become a financial and personal crisis.
“After our assessment it was clear the client had a well thought out and costed schedule with a built in contingency. The block of flats was owned in a limited company name which meant we weren’t able to secure on that, nevertheless we were able to secure against a holiday let after a full valuation to allow this project to get back on track.”
Ian continues: “This was the first time he had heard of us, he was very surprised to learn we could agree such terms without the need for solicitors. He praised us highly for our speed, efficiency and ability to complete without two different sets of solicitors, which would have caused countless delays on the completion.”
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.