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.