Holme Finance Bridging Solutions funds buy to let property revamp

By Bridging Loan Directory 8th August 2023

Holme Finance Bridging Solutions (HFBS) recently helped a client unlock their development aspirations and realise the full potential of a neglected BTL property asset.

A long-standing Buy-To-Let (BTL) property owner approached HFBS for a £50,000 loan to revamp a BTL property left in a less than ideal condition after a tenant’s exit.

With the property’s existing valuation at approximately £350,000, and a mortgage of £260,000, the client believed it could be worth £500,000 with the right investment.

HFBS approved a £50,000 loan in just eight working days, securing it as a second charge on both the BTL property and the home address.

The deal was offered at a competitive interest rate of 1.25%.

Dan Yendall-Collings Senior Underwriter at HFBS commented:

“Having a deep understanding of our client’s needs and knowing the potential of this BTL property, we were eager to help.

The client could offer a second charge on their primary residence, valued at £1,000,000 with an outstanding mortgage of only £180,000, as security.

Seeing the potential for success and the security in place, we were able to offer a financial solution that met the client’s needs.

The client was able to kick-start the renovations, bringing new life to the property and considerably increase its market value.

Once renovations are complete, the client stands to gain a significant return on their investment, which only goes to justifying our decision to help out and fund the renovation.”