HFBS approves new bridging loan deal to rescue semi-commercial property conversion project without full valuation saves developer’s project from auction.
The client, who had a semi-commercial property with a current estimated value of approximately £250,000, faced challenges with their development project. They had originally planned to convert the property into two self-contained flats but had experienced cost overruns.
To get the project back on track, they needed an additional £25,000 to complete the work. HFBS, recognising the relatively small loan amount needed and the unique circumstances of the case, made the decision to proceed without requiring a full property valuation. This expedited the process and allowed the HFBS to offer a competitive interest rate of 1.95%.
HFBS was able to release the necessary funds in just five working days, providing the client with the financial support required to complete the project successfully. Dan Yendall-Collins, Senior Underwriter at Holme Finance Bridging Solutions “The broker who submitted this case expressed immense satisfaction with the outcome, as this bridging loan has placed their client in a position to complete the development as originally planned. This means they can now realise the true value of the property by selling the two self-contained flats on individual leases upon project completion, rather than having to resort to auctioning a half-complete single freehold unit.
HFBS’s swift and tailored approach in approving this bridging loan demonstrates their commitment to supporting brokers in unique situations and enabling them to achieve their property development goals. The success of this deal underscores the importance of flexible and innovative financial solutions in the ever-changing real estate market.
HFBS continues to provide creative financial solutions for property developers and investors, reinforcing their reputation as a trusted partner in the industry.
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.