Tag Archives: property mortgageable

property mortgageable

COMMON SENSE DEAL GETS PROPERTY TO MORTGAGEABLE STATE

10k further advance for refurbishment project was desperately needed to prevent builders from downing tools and walking off an over budget project that wouldn’t complete a property to mortgagable state.

An existing client of Holme Finance Bridging Solutions (HFBS) the client was initially advanced a net loan of 25 thousand pounds but due to unforeseen circumstances the project went over budget.

Although the client had a very well thought out plan, with a thorough schedule of costs and works, once the works commenced it become clear additional work was needed to rectify a damp issue that had penetrated joists beyond repair.

Ian Broadbent, director at HFBS says: “Whilst he had a contingency in his budget it went slightly over. The two options were force the sale of an incomplete property, or agree a small further advance allowing him to complete all works and market at the full true open market value as intended.

Common sense kicked in, we didn’t want builders walking off the job leaving the client with a property that would not be easily marketable. We gladly agreed to advance a small second account to him to enable him to get to where he needed to be.”

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.