HOUSING ESTATE DEVELOPMENT COMPLETES WITH BRIDGING LOAN
Holme Finance Bridging Solutions (HFBS) ensure building can complete on a housing estate development site valued at £900,000 with a £50,000 bridging loan.
With buyers lined up for the first two of a select development of six homes, foundations were rocked when the property developer’s go-to funding partner, a crown funding company, found themselves unable to advance the funds as quickly as required to enable to completion of the first two homes.
With the option of waiting for funds, and the knock-on consequence of losing the significant sales of the first two properties, the developer had no choice but to seek alternative funding, and quickly.
Dan Yendall-Collings, senior undewriter at HFBS says: “Our unique ability to complete quickly comes into its own again. The developer couldn’t wait for funds to complete the properties, it was an urgent need that could have had devastating consequences if not approved.
“We took the enquiry on a Thursday, prepared the relevant documents the same day, visitied the site Friday and paid out the folllowing Monday morning. With a three day turnaround, and minimal site downtime, the progress of the development was saved.”
With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.
HFBS offer one 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. Simpler, quicker, cheaper.