£24,000 second charge bridging facility within a mere three days of the initial customer enquiry.
A customer in need of funds for business purposes contacted their broker highlighting issues encountered with a previous second charge lender. There was an urgent requirement to obtain the funds due to various legal matters and complications with the previous lender.
Quick to recognise the urgency of the situation, the broker immediately engaged with HFBS. In a decisive move, HFBS agreed to provide the second charge loan without the need for consent from the first charge lender. Relying on the property valuation conducted by the previous lender, HFBS efficiently packaged the deal on the same day.
As time was of the essence, HFBS received enquiry in the afternoon of day one, approved the loan on day two, on the morning of the day three all necessary parties convened to finalise the application.
The transaction featured a net bridging loan of £24,000 against a property valuation of £220,000, resulting in a total loan to value (LTV) of 60% when including the first charge.
Dan Yendall-Collings, Senior Underwriter at Holme Finance Bridging Solutions, added, “Our ability to solve problems quickly is a testament to our commitment. Trust, adaptability, and rapid decision-making are crucial, and we’re proud to have demonstrated these qualities in this recent deal.”