Specialist renovation goes ahead with HFBS bridging loan
Holme Finance Bridging Solutions agrees a £240,000 finance deal for the luxury renovation of a residential timber framed and clad grade two listed barn.
The barn required a programme of specialist renovation and refurbishment works to bring the property up to scratch for a profitable re-sale. However, after approaching more customary finance channels the owners discovered they would not be able to secure a loan due to the non-traditional construction of the property.
Dan Yendall-Collings, senior underwriter at HFBS says:
“We were sure we could help get this project started, the property was of sound build, nothing structurally wrong, but due to the amount of work and the specialist nature of the renovations required, we did have to have the property valued. In its pre-renovation state the property itself wasn’t suitable as security but we confirmed a deal after agreeing a comfort charge on the client’s home address instead.”
Provided with 12-month roll-up terms HFBS approved a non-regulated deal using the business exemption route based on the client’s profession as a professional builder and developer and 100% of funds being used for that purpose.
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.