HFBS has approved a swift bridging loan of £30,000 to help a property owner complete the refurbishment of a semi-detached house in Blackpool.
Originally purchased three years ago and divided into four flats, the property has seen significant transformation—three of its flats are either already renovated or nearing readiness for letting, while the fourth remains in a derelict state.
The owner, who has personally renovated one flat for her own occupation, has been steadily working on the other units over recent years. With two of the additional flats almost ready to be let out, the remaining under-renovation space was beginning to detract from the overall appeal of the property during tenant viewings. Needing to ensure the entire building met a uniform high standard, she turned to HFBS for a timely cash injection.
The approved loan, secured as a first charge on the freehold block, was offered at an attractive rate of 1.69% over a 12‑month term. Notably, HFBS streamlined the process by forgoing the need for a full valuation, instead basing the decision on the original purchase price and a physical inspection at the time of signing. This approach allowed the funding to be provided within just 24 hours, ensuring that work on the final flat could commence without delay.
With this strategic financing in place, the owner’s plan is to continue occupying one flat while letting out the remaining three. A remortgage is already on the horizon, aimed at clearing the bridging loan account as soon as possible. This development not only boosts the property’s market appeal but also underscores HFBS’s commitment to supporting innovative property renovation projects that rejuvenate local communities.
Dan Yendall-Collings, Senior Underwriter at HFBS said: “We are proud to offer flexible and prompt financing solutions that empower property owners to realise their vision. This bridging loan is a testament to our dedication in supporting these efforts.”