HFBS funds three bridging deals since returning to market
Ian Broadbent

HFBS funds three bridging deals since returning to market




Holme Finance Bridging Solutions (HFBS) has issued full contractual terms on 11 cases and completed on three, since it returned to the lending market on 11th May 2020.

The first deal totalled £42,495 at 1.35% per month over a 12-month term, with interest rolled up.

It was secured by first legal charge over two BTL properties valued at £50,000 each.
 
The valuation was established by a combination of original purchase prices, an AVM, and its own inspection.

The second deal was for a client who urgently needed to redeem an existing bridging loan to buy more time to secure a sale.

The security was a residential BTL estimated at £250,000 in its current condition, which needed moderate refurbishment.

The valuation was established by the bridging lender’s own inspection of the property, in addition to using comparable evidence.
 
HFBS advanced £100,855 at 1.2% per month over a 12-month term, with interest rolled up.

The third case was also for a client who needed to redeem an existing bridging loan to allow more time to secure a sale.
 
The security was a car sales forecourt, with on-site living accommodation, which had been valued for a previous proposed lender in January 2019.

HFBS lent £32,719 over 12 months at 1.75% per month with interest rolled up.
 
The loan was secured as a second legal mortgage behind the client’s bank mortgage of £187,000.

The valuation was established by using the old report.

Ian Broadbent, director at HFBS (pictured above), said: “When we got back to business on the 11th, we really had no idea what would happen.
 
“However, it’s clear the bridging is back in business, and we’re now anticipating funding a further deal before we take a well-deserved long weekend off.”

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