HFBS complete urgent bridging loan to ease business cash-flow
With a reputation for working fast Holme Finance Bridging Solutions were approached by a broker for an urgent bridging loan to redeem an existing bridging loan and raise additional funds to ease business cash flow.
HFBS were approached for a £47,565 to be secured against an investment property. £18,500 was required to repay the existing first charge bridging loan and the remaining funds were used to clear a business cash-flow problem.
Dan Yendall-Collins, senior underwriter at HFBS says:
“As this was a first charge and a relatively small advance we could be confident that we could do the deal without the need for a full valuation. Based on comparable evidence and a desk-top valuation, we could see that the security property was clearly going to be worth in excess of £500,000 and so the only delay was getting the redemption figure through from the existing first charge lender.”
On the day HFBS received the case the client offer pack was immediately issued. The following working day HFBS visited the client to confirm the contract and two working days later received the redemption figure, which was immediately paid out.
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.