Holme Finance Bridging Solutions (HFBS) has completed an urgent refinance bridging facility to prevent a borrower from defaulting on an existing loan after two separate property sales collapsed unexpectedly; the most recent only a week before repayment was due.
The client had originally intended to repay their bridging loan through the sale of the property. However, despite securing two buyers, both transactions fell through at the last minute due to issues elsewhere in the chain. This left the borrower with just two weeks before their existing bridging facility matured, creating the risk of default, penalty interest, and potential loss of the property.
Faced with an immovable deadline, the borrower approached HFBS for support.
HFBS offered a net loan of £81,500 at 1.15% per month, secured as a second charge behind an existing £45,000 charge, against a property valued at £250,000. To save critical time, HFBS reviewed the original valuation report and conducted a direct visit to the property, allowing the team to proceed without requiring a new valuation to be commissioned.
HFBS aligned completion to take place on the exact due date of the borrower’s existing loan ensuring the client avoided both default and double interest overlap. Dan Yendall-Collings, Director at HRBS said: “This case reflects precisely what the bridging sector is designed for. The client had done everything right but was let down by circumstances beyond their control. Because we are self-funded and make decisions in-house, we were able to act quickly, apply common sense, and complete the refinance on the day it was needed most.”
HFBS, which has been operating for over 40 years, emphasises flexibility, speed and pragmatic underwriting a combination that continues to attract brokers handling time-sensitive or complex cases. The borrower now has additional time to relaunch their sale strategy without the pressure of imminent default.