HFBS bridging loan helps client save thousands on stamp duty
When a plan to remortgage a holiday let to purchase a new property wasn’t going to complete in time to draw down funds for the 30th June stamp duty holiday deadline Holme Finance Bridging Solutions (HFBS) were approached to help.
The client required £200,000 to cover a slight shortfall enabling them to complete on a new property purchase, but they also needed to complete quickly in order to save tens of thousands in stamp duty. That’s when Sonny Gosai at Norton Finance approached HFBS.
Approached on Friday the 25th of June HFBS immediately issued their offer pack, the client confirmed receipt of Monday the 28th, HFBS visited the property on the 29th where arrangements to release the funds on Wednesday the 30th were made.
Dan Yendall-Collings, senior underwriter at HFBS says:
“The client had an unencumbered large detached property worth £900,000, it clearly had significant value in line with the valuation report carried out for the mortgage lender, that coupled with being offered the first legal charge meant we were able to do the deal with no upfront fees as we didn’t require a new valuation.
We were able to complete just within their time frame to save them a significant amount of money.”
Sonny Gosai at Norton Finance says:
“With such a short space of time to beat the stamp duty deadline and save our clients thousands of pounds HFBS were the obvious choice.
Ian and Dan delivered when needed most. With agreeing a valuation wasn’t required and in house legal team ensured that the clients received the desired outcome.
Speed really was key here and with Ian and his team that is exactly what was delivered”
HFBS issued a £200,000 bridging loan over a 12-month term at 0.95% per month in just four working days.
“Working with the highly professional team at Norton Finance it was still a tight ask but because we have access to the funds and the flexibility to make our own decisions we were able to make it happen.
We now have a very happy broker, and a VERY happy client.”