The client had recently moved to central London and was struggling to maintain a BTL investment.
As the property was vacant and not in the best condition, the borrower wanted to complete the sale as soon as possible at market value.
However, her credit scoring was not at the level required and her own bank could not offer an unsecured option.
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After approaching many lenders and brokers, the client was unwilling to commit to secured finance as the minimum advances of around £25,000 to £50,000 were more than she required.
HFBS was confident that there was significant value in the security address and agreed to a £10,000 loan to cover a light refurbishment, some initial legal costs relating to the sale and a small buffer.
The lender did not require a valuation and with no solicitor involvement, bank mandates or fixed rules, was able to pay out in four days.
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