The client only had seven days to complete the acquisition, after their initial lender was unable to provide the funds due to withdrawing its product at the last minute.
The developer’s broker approached HFBS with the deal to secure the necessary funds ahead of the deadline.
- What does the specialist finance industry need in 2023 and beyond?
- HFBS provides £50,000 bridging loan for inherited property refurb
- HFBS remains open for business during second lockdown
“We agreed the deal using a drive-by valuation and issued our offer pack on a Friday, but unfortunately, the Royal Mail strike meant the pack wasn’t received until Monday,” explained Dan Yendall-Collings, senior underwriter at HFBS.
“Thankfully, we were able to visit on Tuesday to finalise and witness the signing of the legal charge.
“After that it all came together really quickly, enabling us to release the funds on Thursday, a day ahead of the scheduled auction completion.”
HFBS was able to provide the loan at 1.4% per month over a 12-month term, with the planned sale of the development property securing repayment of the loan.
Leave a comment