A bridging finance lender has finished a £755,000 refinance on an 18-bedroom hotel in Somerset within a month. The loan was funded via Brickflow, a lending marketplace that links brokers with specialist finance providers.
Louis Wilson, a commercial adviser at NM Finance, brought the deal forward in order to settle the hotel’s outstanding loan. HBI Capital chose to rely on a pre-existing specialist valuation of the hotel instead of ordering fresh due-diligence, shortening the period from instruction to closing.
Because HBI Capital evaluates each transaction individually, it was able to take the hotel into account even though the property does not fit typical lending criteria. Through the platform, the firm provides bridge, development and auction financing ranging between £100,000 and £2 million.
Glenn Franklin-Jones, director of lender relations at Brickflow, said the case demonstrated how quickly new lenders can begin transacting through the platform. He noted that HBI Capital won the case because they were willing to work from the existing valuation instead of asking for a new one.
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Brokers can use the system to line up several lenders at once instead of contacting each specialist separately. After becoming a panel member in July, HBI Capital introduced its private-funding approach to the marketplace, expanding choices for assets that fall outside normal criteria.
John Blahuta, director at HBI Capital, said the firm was pleased to deliver certainty ahead of the borrower’s deadline. He noted that everyone involved took a collaborative and pragmatic approach, which helped keep the process moving from start to finish.
Wilson remarked that the financier gave him straight contact with the decision-makers and took a business-focused stance. The legal matters were managed by Glaisyers Solicitors, and partner Kathryn O’Rourke highlighted HBI Capital’s quick responsiveness as key to keeping the deal moving.
