HFBS took the decision to temporarily stop lending at the close of business on the 25th March, because it would be unable to offer its usual service under lockdown provisions.
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Following its return to lending, HFBS has assured new businesses that:
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it will not be reducing its LTV or increasing its rates
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wherever possible, it will be utilising AVM’s, drive buys and existing valuations previously obtained for third parties
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if lockdown measures are eased, it may return shortly prior to 4th May to enable new applications to be instigated
It also assured existing clients:
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it has extended forbearance to two months for clients with a contract becoming term expired between 25th March and 1st July 2020 and has waived the usual arrangement fee
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it will not instigate new litigation for possession earlier that 1st July
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it never applied a default rate where a contract runs beyond the contractual term
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it does not provide information regarding account status with third party credit reference agencies
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it is happy to accept any sum should a client wish to reduce their indebtedness and will apply such sums as they are received without any penalty
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it will prioritise clients with the shortest remaining term on its return
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