Holme Finance Bridging Solutions (HFBS) has completed a time-critical refinance to prevent a borrower from defaulting on an existing loan after two planned property sales fell through unexpectedly, including one collapse just days before repayment was due.
The borrower had intended to clear their original bridging loan using proceeds from the sale of the property.
Both attempted sales failed late in the process because of problems elsewhere in the chain, leaving just two weeks until the existing facility matured and creating the risk of default, penalty interest and potential loss of the asset.
With the deadline fixed and rapidly approaching, the borrower turned to HFBS for support.
HFBS provided a net loan of £81,500 at 1.15% per month, secured as a second charge behind an existing £45,000 charge on a property valued at £250,000.
To accelerate the process, HFBS relied on the original valuation and conducted a direct site visit, removing the need for a new valuation.
The deal was completed on the same day the borrower’s existing loan was due, ensuring they avoided default and additional interest overlap.
Dan Yendall-Collings, director at HFBS, said: “This case reflects precisely what the bridging sector is designed for.
“The client had done everything right but was let down by circumstances beyond their control.
“Because we are self-funded and make decisions in-house, we were able to act quickly, apply common sense, and complete the refinance on the day it was needed most.”
