Holme Finance Bridging Solutions (HFBS) has provided a £170,000 bridging loan to help a client complete the purchase of a block of four flats at auction in the North West.
The buyer and their broker approached HFBS after their initial lender refused funding because the property was semi-derelict and not ready to let.
With 28 days to complete, the client needed to act quickly to avoid losing the property.
The client had some cash but still faced a £170,000 shortfall.
HFBS approved the loan after assessing the case and arranged a second charge on the client’s home address.
Dan Yendall-Collings, director at HFBS, said: “A valuation confirmed everything was as expected, allowing us to release the full amount at a competitive 1.09% per month.
“The funds were prepared for release the same day ready for the auction the day after — just in time to meet the deadline.”
The loan was agreed on a 12-month term.
The client expects to complete refurbishment and arrange long-term finance within six months.
