ECO Home completed with HFBS bridging loan

By Bridging Loan Directory 16th January 2018

Holme Finance Bridging Solutions (HFBS) has approved a thirty thousand pound development loan for the completion of a prefabricated home.

Approached by a successful property developer and experienced builder with a good track record, HFBS provided the loan to complete the internal fixings and decoration of a Scandinavian prefabricated four bedroomed detached home.

Dan Yendall-Collings, senior underwriter at HFBS said:

“The client had purchased a plot of land for £60,000 as an investment. He paid cash for the land and bought a Scandinavian prefabricated house online for £30,000. The site went from bare land to a fully watertight building in just two days. However the internal completion stalled due to the client’s previous channel of development funding pulling out of the market. We were approached for a net loan of £30,000 required to complete the internal fixings and decoration.”

HFBS visited the site and carried out a full valuation. The site was valued at £150,000, with an end valuation of £375,000 upon completion of the development.

Dan concluded:

“Given the valuation we were happy to provide funding where other lenders were not. We had the deal done from application to transfer of funds within seven days.”