When a mortgage application was taking too long Holme Finance Bridging Solutions (HFBS) were approached to help with a quick funding turnaround solution.
Just days away from completing on the purchase of an auction property it was critical that funds be ready and available to complete the purchase of a one bedroom detached bungalow for £105,000.
Approach by a broker, the HFBS team received an application to fund 100% of the purchase price with funds already earmarked to cover the cost of planned remodelling work in to a two bedroom dwelling with an estimated re-sale price of in excess of £200,000.
Dan Yendall-Collings Senior Underwriter at HFBS commented: “As this was an experienced property developer we were confident in his plans to remodel the property. With significant value in the developer’s home address we were able to register this as a second charge without valuing the new purchase property. And with a planned end-value in excess of £200,000 we know it won’t be long before a successful sale completes and our loan is repaid.”
One week is all it took, from receiving the application to funds paid out HFBS bridging loan was agreed over 12 months at 0.99% with the planned sale of the development securing repayment of the loan.
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 40 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.