Member Article

DAMAGED INVESTMENT REQUIRED THOUSANDS TO PUT RIGHT

A problem investment property above a commercial property in Manchester was so badly damaged by tenants that the owner required one hundred thousand pounds to ensure her investment could be re-let or sold successfully.

The extremely large semi-commercial property with domestic accommodation above hit problems following an extended period of non-payment, which forced the owner to apply to the courts for a possession order and eventual eviction.

With a legal bill of many thousands and the whole building requiring a comprehensive scheme of improvement she set about raising the finance only to discover funding options were limited due to the property being semi-commercial. The added complication was the vacant accommodation was deemed uninhabitable making it impossible to obtain a standard long-term finance solution.

Ian Broadbent, Director at HFBS says: “We were approached to provide a 100k facility which would cover all legal costs incurred do date, as well as the proposed improvement scheme, with enough of a buffer to ensure that the project could comfortably be completed.

“Having met with the client it was clear that she had simply had bad luck with the previous tenants which had spiralled into a very costly situation. Valued in its current condition at £250,00 the valuation when finished came back at £400,000 providing us with sufficient confidence to approve the deal. Works to the property are currently progressing!” With an average completion taking less than seven days from enquiry to money in the bank, no solicitor involvement, no minimum valuation, and entirely privately funded, no bank mandates, no fixed rules, HFBS really mean business. HFBS offer one the LOWEST second mortgage rates in the bridging finance market starting at just 0.95% month on advances from £5,000. HFBS Bridging Solutions have been advancing short-term funds, via a limited panel of intermediaries, for over 15 years with complete authority on their lending. Simpler, quicker, cheaper.

This was posted in Bdaily's Members' News section by Holme Finance Bridging Solutions .