The developer required a funding partner that could meet the strict deadlines involved in auction purchases and approached HFBS after being unable to finance the property through conventional mortgage routes.
A valuation confirmed a ‘cash value’ and approximate costs involved to get the property to a habitable and mortgageable state.
HFBS was satisfied that the development could be completed successfully and advanced £75,000 against the purchase price of £130,000 within 10 days.
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Ian Broadbent, director at HFBS, said: “We had dealt with this developer before and knew that he not only had the knowledge, but the skill and experience to complete the task.
“We were able to liaise with the client’s solicitor and transfer the funds over for the purchase quickly to allow the property to be renovated and sold as soon as possible.”
Last month, HFBS provided a £200,000 facility within 72 hours to save a client from a major financial loss.
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