Holme Finance Bridging Solutions (HFBS) has delivered a timely £300,000 bridging loan to support a developer keen to complete the first phase of a new-build estate.
The client, who owns his residential property valued at £1,000,000 with an existing mortgage of £112,000, required funds fast to ensure smooth progress on a development site held in his limited company. Although the loan couldn’t be secured against the development site directly, HFBS was able to structure the deal in the client’s personal name, secured on his home address.
With several committed buyers having already paid deposits, the client had a clear exit strategy in place. HFBS swiftly arranged a valuation, which came back as expected, allowing them to release the funds and complete the deal within just 10 days.
The loan, offered at 1.09% per month for a term of up to 12 months, enabled the developer to finalise and sell the first phase of the project. The sales will repay the bridging loan in full and release capital to progress the second phase of the estate.
“While it wasn’t one of our fastest completions, it was up to our maximum loan size,” Dan Yendall-Collings Senior Underwriter at HFBS. “We don’t see many £300,000 cases, so it’s a great reminder to brokers that we are ready and able to fund at this level when the circumstances are right.”
HFBS remains committed to fast, flexible lending solutions, offering brokers and their clients competitive rates and a pragmatic approach to complex cases.