Holme Finance Bridging Solutions approve an 80k re-bridge deal saving client from a default rate of 5% a month on a previous bridging loan – high rates can be avoided.
This may sound like risky business but Ian Broadbent from Holme Finance Bridging approaches each case on an individual basis taking the time to understand the client’s need and personal situation – failing to redeem a previous bridging loan isn’t an automatic no.
In this case the client requested funding on a second charge basis to redeem an existing bridging loan account. The six-month bridging loan was due to be repaid from the sale of a family house, however that didn’t go according to plan. With the six month loan term about to expire, a solution was needed to avoid the astronomical repayments at the lender’s default rate of 5% per month.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “On paper this probably would have scared many providers away but after speaking to our client it became clear our client had no control over the sale of the family property falling through. He wanted to clear the existing bridging loan to prevent it from jumping to the default rate and have a fresh start. The client had now had a secondary exit strategy in mind and as such we were confident that our option would give the client the time needed to get things back on track.
The deal made sense and the client was fully aware of the situation and the short-term nature of the agreement. Holme Finance Bridging Solutions battled the Christmas post and the legal administration concerning the redemption figure and paid out in just eleven days saving the client default fees, legal fees and default interest at a far higher rate.
Holme Finance 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.