HFBS is delighted to announce a return to normal… ish lending with effect from the 11th
May 2020.
HFBS took the difficult decision to temporarily cease lending in the 25th March 2020 as it was unable to offer the exceptional levels of service it is renowned for, however funding is very strong and our appetite wholly undiminished.
It is, of course, difficult to ignore the continued ‘elephant in the room’ and there will be a limited number of minor adjustments to our working practices limiting our lending to the more straight forward applications.
We are absolutely committed to clear, open communication with our introducers, and in this spirit would outline our intentions as follows:
CRITERIA
As we have previously communicated we have NO plans to reduce our standard published LTV’s or to increase our lending rates.
TIMESCALES
We are aware that clients have now, more than ever, a need for swift access to finance. In order to achieve this and avoid the requirement for solicitors ( many of whom are working on a very limited basis ) we will be applying our normal policy of visiting clients.
This will be done in a socially responsible way taking all necessary precautions, however if your client is unwilling to see our representative then significant delay will occur. Please ensure your client is aware of our requirement at the outset. We anticipate all ‘straight forward applications’ will be completed within 7 days of application.
VALUATIONS
As you will be aware it is near impossible to obtain internal valuations at present therefore we are happy to consider any applications up to £100,000 in value based on one or more of: AVM/stated purchase price/comparable research/previous valuations within the last 2 years /drive bys and personal inspections. Advances in excess of £100,000 may be considered based on one or more of previous valuations in the last 2 years / personal inspection and drive bys.
COMPLEX CASES / COMMERCIAL UNITS ( INC HMO’S )
Whilst we return with a positive mindset it may naturally be more difficult to process and complete more complex or non standard applications. However we are happy to discuss any application and provide an honest opinion on our ability to proceed.
RE-BRIDGING
We have always prided ourselves on our commitment to working with our existing account holders when it is clear additional forbearance will achieve a favourable outcome. We wish to extend this facility to those clients with alternative lenders who may not be in a position to do so, therefore if you have applicants requiring a ‘re-bridge’ we will prioritise these where possible.
These are extraordinary times. However, so long as there is a demand HFBS wishes to support you and your clients. Should you have any questions please feel free to call us.
01724 86 55 77