HFBS saves Spanish holiday home purchase

HFBS saves Spanish holiday home purchase

Holme Finance Bridging Solutions (HFBS) has helped to secure the purchase of a holiday home in Spain with a £260,000 bridging loan.

The client, who is a property developer, was in the process of completing two residential developments, which they intended to sell.

These two developments and a commercial building were worth a combined value of £770,000.

The client intended to use the proceeds of the sale of one the residential properties to cover the purchase of the holiday home, however, the construction duration of the developments overran.

The property still required second fix finishing work before it could be signed off and sold.

The loan was provided with a facility at 0.95% per month and will be repaid with the proceeds from the sale of one of the client’s two residential units plus other business cash flow.

A HFBS spokesperson said: “The client had the funds to complete the development, and with no mortgage outstanding and a clean credit status, we were happy to provide the loan to avoid the loss of the deposit placed on the holiday home.”

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