Holme Finance Bridging Solutions make dream motorhome purchase possible

By Bridging Loan Directory 12th August 2024

In the fast-paced world of financial solutions, bridging finance stands out as a versatile and effective tool, providing temporary funding to individuals and businesses in times of need.

A recent case illustrates this perfectly: a client who successfully secured a £30,000 net loan to purchase a motorhome in time for the summer break, despite an unexpected hiccup in the sale of his investment property.

The client had been eagerly looking forward to the summer, planning to enjoy it in a new motorhome.

With a property on the market and a sale already agreed upon, he confidently committed to purchasing the motorhome by paying a non-refundable deposit.

This was an exciting step, especially since he had already sold his old motorhome to make plans for an adventurous tour.

However, just as he was ready to move forward, the sale of his investment property fell through at the last minute.

This unexpected setback posed a significant challenge, as the client needed the funds from the property sale to complete the motorhome purchase.

Despite the setback, he remained optimistic, believing that a new sale could be agreed upon quickly, given the high demand for properties in that area.

But time was of the essence, and he couldn’t afford to let his summer plans fall apart.

Faced with this urgent need for funds and lacking the income for unsecured term borrowing, bridging finance from HFBS emerged as the ideal solution.

The client’s investment property, which was vacant and, on the market, had a value well in excess of £100,000.

This allowed HFBS to approve the loan without requiring a full valuation.

The deal was approved at an attractive rate of 1.39%, with a roll-up of interest agreed for up to 12 months.

This flexible arrangement provided the client with the financial breathing room he needed, although he anticipated repaying the loan much sooner once the property was sold.

One of the remarkable aspects of this bridging finance deal was the speed at which it was executed.

Understanding the urgency of the client’s situation, HFBS worked efficiently to disburse the loan.

From application to payout, the entire process was completed in just four days, ensuring the client could proceed with his motorhome purchase without further delay.

Dan Yendall-Collings, Senior Underwriter at HFBS said:

“While not a typical reason for borrowing on a bridging loan, this case exemplifies the versatility and efficacy of bridging finance in addressing unique and urgent financial needs.

The client’s successful acquisition of the motorhome in time for the summer highlights how bridging loans can provide a crucial lifeline, enabling individuals to overcome temporary setbacks and achieve their goals.

For anyone facing similar situations, this case underscores the importance of considering bridging finance as a viable and swift solution to short-term funding challenges.”