A joint business venture that looked set to fail avoided delays thanks to quick thinking from bridging loan lender Holme Finance Bridging Solutions.
After failing to secure commercial development finance, and refusal from a mortgage lender to raise the funds via a Buy to Let property, the business venture hit a brick wall.
With workmen lined up and 95 thousand pounds needed to acquire the development and secure the business venture, delays were not an option.
Holme Finance were approached with the request for a 95k loan, which included clearing a 20k business loan which was secured on the client’s BTL; the balance of the funds were to purchase the building development project jointly with his business partner.
Ian Broadbent, Director at Holme Finance Business Solutions says: “Our client needed to complete as fast as possible to secure his new business venture and acquire the development plot. Due to the purpose of the capital raising it was a contract that was exempt from FCA regulation and so we were able to advance the full amount needed and within the timescales that he required to save the deal.”
HFBS cleared the small business loan directly and released the additional sum to the client by securing against the BTL property and cross charging the client’s own residential property. Due to the significant amount of equity in the client’s own home address.
HFBS were able to rely on a drive-by valuation helped to speed up the process and also saved the client over £500 in upfront fees.
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 fill 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.