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Loosing Property Auction Deposit Wasn’t An Option

When a broker’s client agreed to purchase a property at auction via a standard BTL      mortgage, no one anticipated it wouldn’t be completed in time.

Unfortunately that’s exactly the problem they were faced with. After agreeing to buy the property, and securing with a deposit, the end of the 28 day period was close and still with no mortgage offer.

Loosing Property Auction Deposit Wasn’t An OptionHolme Finance Bridging Solutions were approached in the hope of rescuing the deal by approving and funding a 69,000 bridging loan quickly.

Dan Yendall-Collings, senior underwriter at HFBS says: “Thankfully the client had managed to secure a 10 day extension agreed with the auctioneers. We did require a valuation as the property was boarded up and appeared uninhabitable. Thankfully the cash valuation came in as we expected enabling us to release funds immediately. We did this all within the auctioneers extension with two days to spare!”

HFBS approved the funding immediately issuing an offer pack subject to valuation.

The deal was completed within seven working days and provided over a 12 month term at 1.1% per month.

Dan goes on to say: “The client was relieved and happy that they could acquire the investment property and progress with works as originally planned. The alternative would have been to walk away and lose the deposit that he paid on the day, which would have been tragic! We’re pleased to have been able to save the deal, and the investment, and very much looking forward to seeing the development completed.”

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £10,000. 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, no default rates. HFBS really mean business.

INHERITANCE CONUNDRUM SOLVED BY HFBS

It isn’t everyday you inherit a house, but with the requirement to spend a lot of money on its derelict state the benefactor didn’t know where to turn when her bank refused to advance a loan for refurbishment works.

Photo by Melinda Gimpel
@melindagimpel

Thankfully a broker approached Holme Finance Bridging Solutions (HFBS) on the benefactor’s behalf requesting funding to enable the semi-derelict property to be transformed for a quick sale.

Dan Yendall-Collings, senior underwriter at HFBS says: “Our broker’s client had been let down by her bank who had refused to approve her application or compromise on her catch 22 situation. A mortgage was refused based on the fact she couldn’t provide evidence of meeting monthly payments and the property being in a semi-derelict state wasn’t habitable.”

The benefactor had no intention of becoming a landlord, and had no desire to live in the property but couldn’t afford to maintain the house, so after the refusal of a loan from her bank she looked for alternative funding.

Dan continues to say: “In consultation with local estate agents the client was advised that with a limited amount of investment it could achieve a sale price of £300,000, £100,000 above it’s current valuation of £200,000 as semi-derelict property. We did need a full valuation purely down to the current state of the property. But thankfully the valuation confirmed that spending just £50,000 would transform the property into a mortgageable asset where a quick sale would likely be achieved.

HFBS completed a full valuation, which confirmed the property in its current state to be worth £200,000. With a quote from the builders of £50,000, and confirmation of a four-week turnaround, HFBS were happy to advance £50,000 as a net loan for up to 12 months giving her time to complete the works and achieve a sale.

HFBS issued a £50,000 bridging loan over a 12-month term at 1.45% per month.

HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £10,000. 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, no default rates. HFBS really mean business.

Simpler, quicker, cheaper.

Fast Acting Finance Rescues Property Development

Holme Finance Bridging Solutions (HFBS) quick thinking and speed of advance on a 70 thousand pound loan didn’t just save a development project but ensured the developer didn’t pay crippling default fees on an existing loan.

A broker looking for a solution in a hurry approached HFBS. Speed was of the essence as the client had an existing bridging loan account due to go into default.

Ian Broadbent, director at HFBS says: “Due to unforeseen delays in the building project the developer was heading for an horrific default rate, and hefty fees. He was almost there with the property development but required peace of mind he wouldn’t be increasing his debt to an unmanageable level. There was also the additional requirement of an additional £9,000 to complete minor works and prepare the property for sale. Many companies would shy away from this kind of deal, but given the facts we were confident in the client’s ability get the project completed.”

HFBS were able to view the security address. The works were very well progressed and those completed were done so to a very high standard. In total a 70k net loan was advanced allowing the property to be completed for sale with the additional breathing space of a further 12 months to get a sale through.

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.

THREE-DAY TURNAROUND SAVES DEFAULT PENALTY

Holme Finance Bridging Solutions (HFBS) turn a bridging loan for £59,545 around in three days to save a property developer incurring a £7,000 default fee from existing lender.Holme Finance Bridging Solutions (HFBS) turn a bridging loan for £59,545 around in three days.

HFBS were approached with the irregular request to re-bridge an existing bridging loan. With funds already borrowed to complete an investment property renovation and a sale agreed all was well until the buyer backed out.

Ian Broadbent, director at Holme Finance Bridging Solutions says: “Usually we would be incredibly cautious when looking at re-bridging a bridge that has failed, but it was clear to see the developer was simply in an unfortunate situation. His buyer had backed out leaving him three days away from his loan deadline with a fee of £7,000 added should he fail to settle.”

With another buyer lined up the developer was confident of a sale but knew it would be impossible to complete within three days. The client had done all the right things by keeping in touch with his existing lender, however weighing up the overall cost he realised that taking an account with HFBS was considerably better for him than defaulting or extending with his existing lender.

“The completed development was top quality and had been marketed aggressively to line up a back-up sale immediately. As there was another sale agreed we obtained confirmation of the sale price from the solicitor, had the sales agent particulars and comparables all stacked up, which left us happy to fund £59,545 as a second charge of £196,527 with a sale agreed at £463,000.”

The deadline for the client’s existing lender receiving funds was 4pm on Friday the 1st of June. HFBS issued documents to the client on Wednesday 30th of May. Visited the development on Thursday the 31st of May and paid out on Friday the 1st of June in time for the 4pm default deadline, all without the need for a full valuation.

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.

Historically bridging loans should have a swift completions, the modern day reality is often they are little quicker than a residential mortgage but HFBS are different, old fashioned great service with a proven track record of achieving amazing customer service.

HFBS will go the extra mile to meet a customers expectations, whether that is speed, efficiency, meeting face to face at short notice up and down the country or just delivery on what they offer, they will meet the customers’ expectations.

Simply put, HFBS deliver market leading service, every day…

Mr Matt Tristram, Co-Founder & Director of Loans Warehouse

The recent completion of a £205,000 advance, secured against a purchase, and completed in just three working days from initial contact prompted the following response from one of our significant introducers:

“Here @ Y3S we always have a positive approach, regardless of time constraints and tight deadlines. This case in particular was a challenge to say the least. But we knew, if we had the right partner and the right attitude, then this is something we could achieve. This is not the first time with have used HFBS, so we knew we had the right partner on board. From start to finish, Ian & his team mirrored our own enthusiasm to get this one done”

Mr Andrew Gage, Y3S Group

More4 Loans selected HFBS as our preferred bridging lender because they are exactly the type of lender we want to partner with. Not only do they offer a fantastic range of bridging loan products and with nationwide coverage, their speed of service is second to none. Ian and his team are quick to reply with approvals in principle and as they don’t need clients to employ solicitors can often turn round cases to completion in a matter of days. More4 Loans would have no hesitation in recommending other mortgage brokers, IFA’s or intermediaries to use HFBS

Mr Steve Pollard, More4Loans

HFBS are an innovative and dynamic company. Their bridging loan proposition fulfills a much needed niche in the bridging market. They take a common sense approach to lending and offer a great level of service.
Referring cases over to them could not be more simple and we are assured that our clients will be dealt with in a professional manner.

Mr Ian Miller, Highcroft Securities

When you need hassle-free, fast bridging I would always recommend HFBS. Every time they deliver again and again.

Mr Chris Warner, First4Commercial

We have worked with Holme Finance Bridging Solutions (HFBS) on many occasions over the years, primarily for smaller bridging loans of between £10k and £200k. Without doubt they are the best performing bridging company we have used. They always do what they say and move quickly to complete a deal and pay the commission. If its not one for them, you are told at the outset so you can immediately try and place elsewhere

Mr Gary Latham, bridgingloans.co.uk

Ian always finds time to chat through each potential deal, always honest in his assessment, and if he says he can do it, he will, promptly and efficiently! How refreshing in today’s market!

Mr Mike Wipfler, Lodhi Finance