A bungalow development is progressed to completion thanks to Holme Finance Bridging Solutions (HFBS) completing on a one hundred thousand pound bridging deal.
Having developed two detached bungalows with funds from a private funder the developer required a further twenty thousand pounds to complete external works, such as landscaping and driveways to both properties, to present the completed development in tip top condition for sale.
Unfortunately, the initial funder wasn’t able to advance the additional funds required so bridging loan specialists HFBS were approached to fund the final stages.
Dan Yendall-Collings, senior underwriter at HFBS said:
“We weren’t able to follow the private first charge on the site as a second, however we did redeem the existing first charge account directly and raised the additional £20,000 for the client. The two properties were both complete when we visited the site, which meant we were able to see clearly that they were finished to an extremely high standard. This was backed up by an estate agent’s appraisal which was in excess of £750,000, so we were happy to proceed without the need for a full valuation.”
HFBS received the deal on Thursday the 1st February visited the site on Friday the 2nd to sign up the client and view the completed properties. Monday the 5th of February the redemption figure from the existing lender was received and HFBS paid out the same day.
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.