HFBS was approached by a successful property developer and experienced builder who needed the funding to complete the internal fixings and decoration of a Scandinavian prefabricated four-bedroom detached home.
“The client had purchased a plot of land for £60,000 as an investment,” said Dan Yendall-Collings, senior underwriter at HFBS (pictured above).
“He paid cash for the land and bought a Scandinavian prefabricated house online for £30,000.
“The site went from bare land to a fully watertight building in just two days.
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“However, the internal completion stalled due to the client’s previous channel of development funding pulling out of the market.
“We were approached for a net loan of £30,000 required to complete the internal fixings and decoration.”
The lender carried out a full valuation at the site, which it valued at £150,000, with an end valuation of £375,000 upon completion of the development.
Dan continued: “Given the valuation, we were happy to provide funding where other lenders were not.
“We had the deal done from application to transfer of funds within seven days.”