Second Charge Bridging Facility in 3 days
£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.”
HFBS Approves Rapid Funding for Property Enhancement
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.
Fresh Chapter of Success for HFBS as it Introduces New Dream Team Member
We are thrilled to usher in 2024 at Holme Finance Bridging Solutions (HFBS), especially after celebrating a remarkable 2023. Last year was nothing short of extraordinary, with our completed volumes nearing a record-breaking high. This achievement reflects not just the vast expertise of our staff, who collectively bring over 170 years of experience to the table, but also the exceptional dedication of our introducers. A heartfelt thank you to each one of you for your invaluable contributions.
In light of our continued growth and unwavering commitment to delivering top-notch service to our introducer network, we are excited to announce a fresh face joining our underwriting team: Alasdair Broadbent. Alasdair, an accomplished individual with a first-class degree in Engineering, comes to us following a significant tenure at British Steel. While his journey to the financial sector may seem unconventional, Alasdair’s diverse skill set is a perfect match for our innovative approach. We are confident that his unique perspective and experience will be instrumental in further enhancing our team’s capabilities.
This addition, coupled with our intrinsic drive for excellence, positions us for even greater heights in 2024. Your support has been a cornerstone of our success, and we look forward to achieving new milestones together in the coming year. Here’s to a prosperous 2024!
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.
