Ian Broadbent, HFBS

HFBS returns to bridging lending market

Holme Finance Bridging Solutions (HFBS) has returned to the market after temporarily ceasing lending in March.

It has claimed it has made a “limited number” of minor adjustments to working practices and will not reduce LTVs or increase rates.

HFBS will consider any applications up to £100,000 in value, based on one or more of: AVM/stated purchase price; comparable research; previous valuations within the last two years; drivebys; and personal inspections.

Advances in excess of £100,000 may be considered, based on one or more of the following: previous valuations in the last two years; personal inspection; and drivebys.

The lender stated it had a co-operative approach to existing clients whose initial exit strategy had been impacted by current events, however it also recognised that other short-term lenders may require clients to repay on a more ‘rigid’ basis, and is therefore expanding its re-bridging facility to enable more borrowers to benefit.

In order to avoid delays involving solicitors, the normal policy of visiting clients will apply using social distancing measures.

“It is difficult to ignore the continued ‘elephant in the room’, but there is a need in the market for lenders to keep lending,” said Ian Broadbent, director at HFBS (pictured above).

“We are back to it with slight adjustments and adhering to socially responsible practices and hope it’s the beginning of building confidence and momentum in the sector.”

HFBS recognises it may be more difficult to process and complete complex or non-standard applications, however consideration will be given to all circumstances.

“As you will be aware, it is near impossible to obtain internal valuations at present, therefore we have adjusted how we work here,” Ian added.

“These are extraordinary times, however so long as there is a demand, we are here to support you and your clients.”

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