Bridging Loan from Holme Finance Bridging Solutions provides missing link as it pays out 60k in just three days to help property developer keep his team rolling on to the next development project.
The initial funding plan was for the developer to wait for the proceeds to come through from the sale of a holiday home overseas. When that didn’t happen on time, and the developers latest project completed earlier, he approached HFBS to help him get started on the development of a piece of land.
Ian Broadbent, director at Holme Finance Bridging Solutions says: “The developer just wanted to roll his team on to the next job seamlessly after a piece of land he had purchased acquired panning permission.
Although we will consider any security, valuing land without any comparison is tricky, the only option would have been to obtain an independent valuation. However the developer presented a standard residential BTL property free of a mortgage and worth in the region of £600,000 as security.
This enabled us to fund his next phase extremely quickly ensuring the client and his team kept rolling – everyone is happy.”
As there was no first mortgage on the property, HFBS were not delayed verifying the balance or obtaining a redemption figure, and due to the obvious value of the security address were able to offer the full amount required without the need for a full valuation.
HFBS were recommended as the preferred lender due to their long-term business relationship with the developer’s broker and their track record delivering within tight timescales.
New property developers keep credit status clean during their first project thanks to Holme Bridging Finance Solutions clearing debts with a 25 thousand pound loan.
New to property developing the client had purchased a semi-derelict small investment property for cash. Having completed all the essential building works they needed further funding to complete the refurbishment – which they did through borrowing on credit cards.
Ian Broadbent, director at Holme Bridging Finance Solutions says: “They were new to the property development game and although they had done an excellent job on the property they had limited financial knowledge and didn’t know the funding options available to them.
“With no income they were struggling to maintain the monthly commitments and recognised they would be in a financial mess if they didn’t look for a better option. We stepped in with a £25k net loan to enable them to clear all of the outstanding invoices and credit card debt that they had taken on. They then had the option of adding the interest payments to the account.
With no income until the property sold taking a bridging loan met with their needs perfectly and enabled them to keep their credit status clean pending the eventual sale.
Ian continues: “As a first charge and having personally inspected the property we were able to satisfy ourselves that our option would actually benefit the client. We advanced without the need for a full valuation within just five days of them applying.”
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.