In a remarkable display of efficiency and client-focused service, HFBS has approved a swift funding package totalling £6,495.
This deal, unique in its expedited processing and favourable terms, reflects HFBS’s commitment to supporting property development and sales. The client, an experienced landlord, approached HFBS through a broker. Recognising the client’s specific needs and the broker’s existing relationship, HFBS uniquely decided not to apply an additional fee on this case.
The client’s immediate requirement was £5,000 to refurbish a long-owned and recently vacated Buy-To-Let (BTL) property. The tenants had left the property in a less-than-ideal state, necessitating cosmetic improvements to enhance its marketability for a quick sale. The client planned to undertake these renovations herself, aiming to list the property in the upcoming spring market.
What makes this deal particularly noteworthy is the rapid pace of its completion. Within a mere four days, HFBS progressed the loan to completion, an impressive feat considering the standard duration of such processes. The decision to waive the need for a property valuation expedited the process, a move justified by the existing mortgage of £60,000 and the property’s estimated value exceeding £200,000.
The financial structure of the deal was strategically advantageous. The client received a net loan of £5,000, with a lender fee of £200 and legal fees amounting to £1,295, bringing the gross loan to £6,495. The offered rate was 2% per month, a competitive figure in the bridging loan market.
The client was confident that this investment in the property would not only enhance its value significantly but also make it more attractive to potential buyers, thereby facilitating a quicker sale.
Dan Yendall-Collings, Senior Underwriter at HFBS says: “This successful deal is a testament to our agility and customer-centric approach. By understanding the client’s unique situation and the potential of the property, we were happy to provide tailored financial solutions that aligned with our client’s objectives. This case serves as an excellent example of how targeted funding no matter how small can effectively support property enhancement and sales, benefiting both the borrower and the broader real estate market.”
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.