HFBS bridging loan saves client’s property purchase
A Holme Finance Bridging Solutions (HFBS) bridging loan has helped a broker’s client purchase an investment property against a very tight deadline avoiding the prospect of being in default of contract.
Having already committed to a quick completion date, the client’s mortgage lender could not deliver the funding to fit the deadline.
HFBS were approached to step in and recover the deal by providing the funding required as a second charge against a holiday let property.
Having received the case on Monday, HFBS were able to instruct a same day valuation.
The valuation was presented on Tuesday, visited by HFBS on Wednesday to approve and sign contracts, and successfully paid out on Thursday.
Dan Yendall-Collings of HFBS commented:
“Another mortgage application was not an option for our client, not without being in default of the contract and incurring substantial penalties.
Acting quickly we secured a valuation, the report of which presented a higher than anticipated valuation. This provided the security we needed to approve the funding.
Thankfully we were able to approve the loan and were able to move to a speedy completion one day ahead of the deadline ensuring our broker client did not incur any penalties.”