Housing estate development completes with HFBS bridging loan
Holme Finance Bridging Solutions (HFBS) ensure building can complete on a housing estate development site valued at £900,000 with a £50,000 bridging loan.
With buyers lined up for the first two of a select development of six homes, foundations were rocked when the property developer’s go-to funding partner, a crown funding company, found themselves unable to advance the funds as quickly as required to enable to completion of the first two homes.
With the option of waiting for funds, and the knock-on consequence of losing the significant sales of the first two properties, the developer had no choice but to seek alternative funding, and quickly.
Dan Yendall-Collings, senior underwriter at HFBS says:
“Our unique ability to complete quickly comes into its own again. The developer couldn’t wait for funds to complete the properties, it was an urgent need that could have had devastating consequences if not approved.
We took the enquiry on a Thursday, prepared the relevant documents the same day, visited the site Friday and paid out the following Monday morning. With a three day turnaround, and minimal site downtime, the progress of the development was saved.”