Tag Archives: development loan

bridging boost

Custom Designed Luxury Home Receives a Bridging Boost

Holme Finance Bridging Solutions (HFBS) bridging boost helped property developer redefine luxury living in the home counties with a £255,895 bridging loan earmarked for the completion of a high-end development.

bridging boost

Positioned in one of the most exclusive real estate settings in the UK the development suffered a minor hiccup when the developer’s mortgage lender would not advance further funds to enable completion of the second fix, leaving the developer unable to realise an eventual sale of his investment.

Ian Broadbent, director at HFBS says: “This was a catch twenty two situation for the developer. Most lenders will not lend on a part-developed property which left the developer in a tough position unable to continue. The property had a £750,000 mortgage but was valued after first fix at £2.5 million and estimated value at completion of the second fix and landscaping at £2.8 million.

“We could see the potential, the development went beyond good quality, it was outstanding, the epitome of high-end luxury. It was clear to see the developer was very serious and committed to completing the property, we had no issues supporting his plans and were very happy to advance the loan.”

HFBS approved the £255.895 loan in December ready for when it was required in early February. The final paperwork was signed at the end of January with funds provided during the first week of February on 12 month terms.

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.

Eco home completed with bridging loan

ECO HOME COMPLETED WITH BRIDGING LOAN

Eco home completed with bridging loan from Holme Finance Bridging Solutions (HFBS) as it approves a thirty thousand pound development loan for the completion of the Eco home completed with bridging loanprefabricated home.

Approached by a successful property developer and experienced builder with a good track record, HFBS provided the loan to complete the internal fixings and decoration of a Scandinavian prefabricated four bedroomed detached home.

Dan Yendall-Collings, senior underwriter at HFBS says: “The client had purchased a plot of land for £60,000 as an investment. He paid cash for the land and bought a Scandinavian prefabricated house online for £30,000. The site went from bare land to a fully watertight building in just two days. However the internal completion stalled due to the client’s previous channel of development funding pulling out of the market. We were approached for a net loan of £30,000 required to complete the internal fixings and decoration.”

HFBS visited the site and carried out a full valuation. The site was valued at £150,000, with an end valuation of £375,000 upon completion of the development.

Dan continues: “Given the valuation we were happy to provide funding where other lenders were not. We had the deal done from application to transfer of funds within seven days.”

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.