Tag Archives: finance

Bridging finance

RE-BRIDGE ALLOWS DEVELOPER TO MOVE ON

A property developer has avoided paying a de-fault rate on a bridging loan thanks to a £55,000 re-bridge loan on a property valued at £360,00 with Holme Finance Bridging Solutions allowing development to progress.

The developer purchased the property earlier this year at auction using a bridging loan with the intention of splitting the property into two self-contained flats, selling one off to clear the debt and retaining one as an investment.

Unfortunately unexpected hold-ups in the planning and development processes meant a delay in the development which lead to an inability to keep to the original bridging loan terms.

Ian Broadbent, Director at HFBS says: “The client approached us after his initial bridging loan lender refused to consider an extension to the term without applying a default rate, nearly double the original rate, and charging fees again.

“We were able to assist and redeem the existing bridging loan on time whilst providing the developer with a six-month term on the re-bridge and plenty of time to achieve a sale on one flat to repay the loan.Bridging finance

HFBS are always more cautious when re-bridging a bridge however after meeting the developer face to face they were satisfied the project would be successful once back on track.

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 of 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.

Residential Developer Calls Upon Holme Finance Bridging Solutions

Residential developer calls upon Holme Finance Bridging Solutions  to complete a luxury detached bungalow development in Somerset.

A repeat customer of HFBS, the business relationship is long-standing. During the last decade this developer has benefitted from the quick decisions made by HFBS ensuring successfully completed developments.

A slight overspend on unforeseen but essential utilities work left the developer £10,000 short of completing crucial external landscaping.

Yet again her broker recommended HFBS to ensure a speedy cash injection was received, and the development avoided completion delay.

Ian Broadbent, director at Holme Finance Bridging Solutions says: “We have been with this developer right from when she started with small-scale developments of flats and terraced houses. We knew her track record was good, but her latest development has certainly surpassed her previous.”

HFBS met with the developer at her security address to see the progress to date and had no hesitation in supporting her. They were able to fund without the need for solicitors, and completed within three working days from application.

Ian continues: “We have been with this developer every step of the way during the past decade and are incredibly thrilled to see how far she has come during this time. Thanks to her broker recommending us she’s on track yet again for another successful refurbishment and sale.”

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.