Ian Broadbent

HFBS provides £70,000 loan to help developer avoid default fees

Holme Finance Bridging Solutions (HFBS) has advanced a £70,000 loan for a development, which has helped the developer to avoid default fees.

HFBS was contacted by a broker — whose client had an existing bridging loan account due to go into default — looking for a solution to the problem.

The lender viewed the works at the development and found the works to be well progressed.

It then advanced the loan, which gave the developer a further 12 months to complete a sale.

“Due to unforeseen delays in the building project the developer was heading for a horrific default rate, and hefty fees,” said Ian Broadbent, director at HFBS (pictured above).

“He was almost there with the property development, but required peace of mind [that] he wouldn’t be increasing his debt to an unmanageable level.

“There was also the additional requirement of an additional £9,000 to complete minor works and prepare the property for sale.”

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