Holme Finance Bridging Solutions (HFBS) has approved a second charge loan of fifty thousand pounds to kick-start a debt free retirement plan.
The plan included closing a business and selling a country estate, but unable to gain an unsecured loan, or any assistance from their own bank due to a downsizing plan that would leave them unable to commit to a monthly plan, they approached HFBS.
The estate was already on the market but the clients wanted to close their business correctly. Some outstanding business debts needed attending to and the clients wanted everything in order before the end of the tax year. Raising a £50,000 loan would secure the whole estate by way of second charge for business purposes.
Dan Yendall-Collings, senior underwriter at HFBS said:
“As the property was already on the market we were able to see that there was a significant amount of equity. We were able to move forward without the need for a valuation. This allowed the client to complete their retirement and downsizing plans without defaulting on credit or letting down business partners that they had worked with for over 30 years.”
Offered at a rate of 1.1% per month and turned around within six days HFBS advanced the loan on a 12 month roll-up basis allowing clients to downsize into a more manageable property and enabling them to enjoy a debt free retirement.