Holme Finance Bridging Solutions approves £30,000 bridging loan for property renovation

By Bridging Loan Directory 2nd October 2024

Holme Finance Bridging Solutions (HFBS) has successfully approved a £30,000 bridging loan for a client looking to enhance the sale value of their commercial property.

The property, valued at £100,000 in its current state, served as storage for the client’s tyre-fitting business.

With retirement on the horizon, the client sought to renovate the property and prepare it for sale at an optimal price.

The client’s primary goal was to carry out essential repairs and maintenance, including a new roof installation, electric roller shutters, internal painting, and repairing the hard-standing area at the rear of the property.

These improvements were projected to increase the property’s market value to £150,000, making the investment highly worthwhile.

The approved loan enabled the client to fund the works swiftly. HFBS lent the funds at a competitive rate of 1.95%, using the property’s current valuation to underwrite the deal.

With the loan secured and funding lined up within a week, the client was able to commence renovations immediately.

Dan Yendall-Collings, Senior underwriter said:

“We were more than willing to look at the proposed deal and back it.

The uplift in the property’s value not only makes this deal worthwhile but also increases its desirability for potential buyers, with the aim of achieving a faster sale. Win, win all round”