Holme Finance Bridging Solutions completes finish & exit bridging loan
With a purchaser of a newly developed property pushing for a New Year move-in date the developer needed a quick release of funds to ensure the house was on track for completion before Christmas.
The select development of three modern terrace houses had been fully funded by the developer who had managed to get the properties to a near complete stage requiring internal finishing only.
However with the purchaser eager to move in the developer didn’t want the sale to go off track and requested a small loan of £15,000 from HFBS to complete the internal fixtures on a quicker schedule.
Dan Yendall-Collings of HFBS commented:
“We received an application from the client’s broker and were really happy to get involved. We visited the site and were impressed by the experience of the architect supervising the build.
The development was compliant and met with the appropriate building regulations and having seen the quality of the development for ourselves we were more than comfortable to agree funding without the need for an official valuation.
We put the funding in place within a week all ready for when the client was ready to draw down the funds.”
HFBS funded £15,000 at a rate of 1.75% per month agreed with a 12 month term with the client aiming to repay within three months after property sale completion.