Good quality housing stock is always in high demand so we are always searching for new ideas to assist property professionals.
London, England (PRWEB UK) 27 February 2017
Henley Finance has devised a product that can be expedited in record time which circumvents the need for a second charge. The new product devised by its founder, Richard Butler-Creagh, reduces the time-scales for such lending from weeks or months, to just a few days.
Henley Finance puts property professionals in contact with individual lenders who through their own career experience understand the difficulties of financing and the all-important speed of completion. Founder, Richard Butler-Creagh, says:
"We are willing to look at any proposal and we pay extra attention to value of the property and the property developer's business plan."
Richard Butler-Creagh, who started off thirty years ago in the property industry himself, was drawn to bridging finance as he could see that so many needs of the borrower were not being met.
Traditionally, professional property developers find barriers to further lending with their mortgage company or financier. These lenders are otherwise known as first charge holders as their loan was the first secured against the property. In the pre-2008 crash days they were amenable to allowing other lenders to lend against the property. These subsequent lenders would be known as charge holders too as they would have a second or third charge secured against the property.
After the sub-prime mortgage scandal, first charge holders have made increasing restrictions on the subsequent lending with lengthy time-scales until draw-down and more often than not, prohibiting second charges on the property altogether. These moments can be crucial to completion of a transaction and delays cost money, and sometimes the success of the project is put at risk. Whether the property developer needs a few extra months until planning is approved or needs some extra capital to obtain the turn-key finish, time is of the essence and the new Henley Finance product is set to address it. For more information, contact Richard Butler-Creagh at henleyfinance.co.uk.