ECO Home completed with HFBS bridging loan
Holme Finance Bridging Solutions (HFBS) has approved a thirty thousand pound development loan for the completion of a prefabricated home.
Approached by a successful property developer and experienced builder with a good track record, HFBS provided the loan to complete the internal fixings and decoration of a Scandinavian prefabricated four bedroomed detached home.
Dan Yendall-Collings, senior underwriter at HFBS said:
“The client had purchased a plot of land for £60,000 as an investment. He paid cash for the land and bought a Scandinavian prefabricated house online for £30,000. The site went from bare land to a fully watertight building in just two days. However the internal completion stalled due to the client’s previous channel of development funding pulling out of the market. We were approached for a net loan of £30,000 required to complete the internal fixings and decoration.”
HFBS visited the site and carried out a full valuation. The site was valued at £150,000, with an end valuation of £375,000 upon completion of the development.
“Given the valuation we were happy to provide funding where other lenders were not. We had the deal done from application to transfer of funds within seven days.”