Bridging Finance Solutions continues to operate during lockdown, finalising yet another development loan whilst employing full safe and remote working practices.
The Merseyside-based firm was quick to respond to the pending lockdown, having extensive digital processes in place that allowed the team to adapt to the rapidly changing financial services landscape.
Working with a Mid-Wales based developer on their second BFS funded scheme, BFS finalised a development loan of £250,000, providing 60% of the build costs for two three-bed houses in Carmarthen.
The developer explained: “We’ve worked with BFS in the past on a major refurbishment scheme where we acquired two dilapidated cottages with a view to modernising them and maintaining them as holiday lets. The properties where in a serious state of neglect and had severe flood damage so the work had to begin from the bare brick. Securing funding from a conventional lender proved impossible, however, BFS worked with us to develop a plan where a bridging loan became integrated into the wider financial projections, and together we made it work. When we moved on with our next project, we knew that we wanted to work with them again.”
The Carmarthen properties are located in an excellent area, close to a hospital, ideal for NHS workers. The site was acquired with full planning permission and are expected to realise a sale value in excess of £250,000 each.
The client continued: “We found the initial experience straight forward and had plenty of confidence in the team. Communication was great from the outset and we knew that the product they offered was right for us. We know that other lenders can put obstacles in place but BFS work with you to find a viable solution which is incredibly refreshing. Funds where available to draw down within 48 hours of the deal being secured, enabling us to quickly move forward with the project.”
Rachel Davies of Bridging Finance Solutions added: “It’s great to be able to provide a full service to our clients at all times. We have adapted quickly to the changing working environment caused by Covid-19, and have been able to continue to develop and progress loan cases through to completion using robust, safe and secure remote working practices.”