Bridging loan to clear tax liability
Holme Finance Bridging Solutions (HFBS) approve a thirty thousand pound loan to solve a short-term cash flow problem and urgently clear a tax liability.
The request to raise £30,000 as a second charge to clear a tax bill came at short notice when the sale of an investment property sale fell through leaving two weeks to agree terms and pay the outstanding tax bill.
The property sale would have comfortably cleared the tax liability in good time, instead the owner was left with a looming payment deadline and no way of raising the funds required in such a short space of time.
Dan Yendall-Collings, senior underwriter at HFBS said:
“Whilst this was tight we were confident we could step in and help. Having met with the client at the security address and being able to see the sales particulars, we were confident that we would be lending well below 50% LTV which meant we could lend without the need for a full mortgage valuation.
However the first mortgagee on the security address had a flexible account with an all monies charge. This meant a written confirmation of their maximum liability under that charge was necessary; this took two days to materialise. Nevertheless we still completed within our client’s timeframe and the matter completed successfully in just eight days.”
With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business.
HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £5,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending. Simpler, quicker, cheaper.