HFBS funds client in just three days

The developer approached HFBS for £60,000 in order to allow his team to transfer from a completed project to the next after proceeds from an overseas holiday home did not arrive on time.

Ian Broadbent, Director at HFBS, said: “The developer just wanted to roll his team on to the next job seamlessly after a piece of land he had purchased acquired planning permission.

“Although we will consider any security, valuing land without any comparison is tricky; the only option would have been to obtain an independent valuation.

“However, the developer presented a standard residential BTL [buy-to-let] property free of a mortgage and worth in the region of £600,000 as security.

“This enabled us to fund his next phase extremely quickly ensuring the client and his team kept rolling – everyone is happy.”

The lack of mortgage on the security meant that HFBS were not delayed by attempting to verify the balance or obtain a redemption figure.

The value of the security address enabled HFBS to offer the full amount without the need for a full valuation.

HFBS said it was the preferred lender due to a long-term business relationship with the developer’s broker and a reputation for delivering within tight deadlines.