Fast bridging loan saves development project
Holme Finance Bridging Solutions (HFBS) quick thinking and speed of advance on a seventy thousand pound loan didn’t just save a development project but ensured the developer didn’t pay crippling default fees on an existing loan.
A broker looking for a solution in a hurry approached HFBS. Speed was of the essence as the client had an existing bridging loan account due to go into default.
Ian Broadbent, director at HFBS says:
“Due to unforeseen delays in the building project the developer was heading for an horrific default rate, and hefty fees. He was almost there with the property development but required peace of mind he wouldn’t be increasing his debt to an unmanageable level. There was also the additional requirement of an additional £9,000 to complete minor works and prepare the property for sale. Many companies would shy away from this kind of deal, but given the facts we were confident in the client’s ability get the project completed.”
HFBS were able to view the security address. The works were very well progressed and those completed were done so to a very high standard. In total a £70k net loan was advanced allowing the property to be completed for sale with the additional breathing space of a further 12 months to get a sale through.