Five Working Days Is All It Took To Provide Funding
An urgent need for funds to progress refurbishment works in a vacant investment property led broker to Holme Finance Bridging Solutions (HFBS).
In a deal that took only five working days to complete HFBS were able to approve, and fund, a small loan of fifty thousand pounds to get an investment property back in tip-top condition for a profitable sale.
HFBS were unable to secure the bridging loan against the buy-to-let property as it was mortgaged to 75% and valued in its run-down state leaving it with no significant equity or value to make it viable. However HFBS were able to secure against the client’s home address as a second charge.
Dan Yendall-Collings of HFBS commented: ” Unfortunately we weren’t able to secure against the investment property but the client’s home address had a very small mortgage and was valued well in excess of £1m which meant we were able to lend on a second charge. We were able to visit the client to complete the paperwork whilst we were waiting for confirmation of the first mortgage balance, thankfully that didn’t take too long and allowed us to pay-out the deal in just 5 working days.
“Repair and refurbishment works are now well underway and we are confident once complete the sale will be very swift and profitable.”
HFBS received the application on the 1st October and completed the funding in five working days paying out £50,000 as a second charge on the 7th October at a rate of 1.1% per month agreed with a 12 month term due to be repaid following the property sale.
HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month with advances from just £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, no default rates. HFBS really mean business.
Simpler, quicker, cheaper.