Seasoned property developer approaches Holme Finance Bridging Solutions (HFBS) for £75,000 against the purchase price of £130,000 to fund the purchase of a development property with bags of potential from auction.
Unable to fund the property through conventional mortgage routes the developer required a funding partner that could meet the strict deadlines required when buying at auction.
A valuation confirmed the property would not be mortgagable by conventional means in its current state but confirmed a ‘cash value’ and approximate costs involved to get the property to a habitable and mortgagable state. HFBS were satisfied the development could be completed successfully and advanced the funds required within 10 days.
Ian Broadbent, Director at HFBS says: “We had dealt with this developer before and knew that he not only had the knowledge, but the skill and experience to complete the task. We were able to liaise with the client’s solicitor and transfer the funds over for the purchase quickly to allow the property to be renovated and sold as soon as possible.”
HFBS offer the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £5,000. 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. No solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules. Simpler, quicker, cheaper.