HFBS rescues client with £80k re-bridge
By Tom BelgerHolme Finance Bridging Solutions (HFBS) has helped to save a client from a default rate of 5% a month on a £80k re-bridge.
Section: mobile apps categories
Holme Finance Bridging Solutions (HFBS) has helped to save a client from a default rate of 5% a month on a £80k re-bridge.
The client had requested funding on a second charge basis to redeem an existing bridging loan account as it was due to be repaid from the sale of a family house.
However, the sale didn’t go to plan and because the bridging loan was about to expire, a solution was needed to avoid the lender’s default rate.
Ian Broadbent, Director at Holme Finance Bridging Solutions, said the deal would have scared off many providers, but having spoken to the client it became clear he had no control on the sale of the property falling through.
“He wanted to clear the existing bridging loan to prevent it from jumping to the default rate and have a fresh start,” said Ian.
“The client [had] now had a secondary exit strategy in mind and, as such, we were confident that our option would give the client the time needed to get things back on track.
“The deal made sense and the client was fully aware of the situation and the short-term nature of the agreement.”
HFBS managed to get through the necessary legal requirements and paid the redemption figure in just 11 days, saving the client from default fees, legal fees and the default interest rate.
Keywords: Holme Finance Bridging Solutions, Bridging loan, Interest Rate, Loan, Default, Property sale, Ian Broadbent, Lender, Providers