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They demonstrated their expertise and I will definitely use them again.

They have expert property knowledge and truly understand the benefits of bridging finance.

A bridging loan in 2 days. They do what they say they will! Refreshing!

I was delighted with their speed and professional approach.

Their process was quick and they delivered what they said they would.

Unlike most other lenders, Roma Finance made significant efforts to understand my objectives for the project.

Roma Finance liaised with both myself and the borrower every step of the way.

Roma Finance fund credit crunch victim to progress new build development and repair credit profile

Case File:

  • Borrowers had a bank halt a major project during the credit crunch in 2008
  • Were successful property developers but needed finance for a new build project of a 3,000 ft2 house
  • Roma Finance provided a £235k bridge over 6 months to release bank charge so project could start
  • Plot of land for new build on the estate worth £250k
  • Cottage in grounds also worth £250K

The credit crunch came quickly and unexpectedly and many experienced property professionals were affected.  Having had a string of successful developments, the bank pulled finance on a major build in 2008 and these borrowers lost a significant amount of money and their credit profile was severely affected.

When Roma Finance met the borrower to review the proposal, they owned an estate comprising a main residential property and a separate cottage sat on over an acre of land. The primary residence was worth £600,000 but this had a mortgage on it of £600,000, a £50,000 second charge and 5 equitable charges on the title.

The plan was to partition the land so that it could be sold with planning for a new 3,000 sq ft house. The building plot with planning permission was worth over £250,000 and the sale of the plot would be used to exit the bridge. Once sold, phase two will be to extend and renovate the cottage so its value could also be maximised.

After fully reviewing the proposal and the opportunity to repay loans and restore the borrower’s credit profile, Roma Finance provided a £235,000 bridge over 6 months to release the second & equitable charges on the property & repay a substantial element of the residential mortgage, allowing Phase 1 of the project to get underway.

Scott Marshall, Lending Director of Roma Finance said: “This case highlights the benefits of the way Roma Finance does business, meeting every borrower and fully understanding their property experience and their plans. Many experienced people were affected by the credit crunch and, through no fault of their own by banks pulling the plug on projects, found themselves with good long term assets but also some debts they found difficult to reconcile. Having worked closely with this borrower, they have demonstrated their experience and we will now back future developments.

“In fact we are already discussing the next project which focuses on extending & renovating the cottage on the estate. This is worth £250,000 now, but valued at £500,000 when refurbishment works are completed, so we are pleased to have turned the situation around for this particular borrower”

James Hardwick of Charleston Financial commented, “We’ve been working with Roma Finance for a while now and this case is yet another example of how they look at deals differently from other bridging lenders.  These were entrepreneurial borrower with a strong background in development.  The case was approved within 24 hours of the Borrower Visit and funds were released 7 days later.  A great service once again.”

Roma Finance provide double bridge for stunning historic Tudor Mansion conversion

Case File:

  • Tudor mansion in Chester nestling in 3.5 acres of land
  • Borrower bought for £715k but bank couldn’t act fast enough
  • Roma Finance provided a £300k bridge over 6 months
  • Mansion to be converted to 18 self-contained highly specified apartments
  • 3 cottages in the grounds to be renovated and sold at £200k each
  • Roma Finance also provided £50k bridge in stage releases for cottage renovation works

Nestling in 3.5 acres of landscaped gardens and with three cottages ripe for renovation, the Tudor mansion was bought by a borrower for £715,000. Once owned by well known Cheshire family and more recently used as a care home, the borrower aimed to convert the property into 18 flats finished to a very high internal specification. Three cottages also came with the development and the borrower realised that for a small cost, they could be renovated and converted to highly desirable residential houses.

The borrower needed to move quickly to secure the property, but after extensive negotiations with his bank, they just couldn’t deliver the finance in time. That’s where Roma Finance stepped in. They visited the property and met with the borrower to fully understand his plans for the mansion and cottages and quickly realised the excellent potential of the project.

It was agreed to structure the bridging finance over two separate loans for each of the buildings. For the Tudor mansion a bridging loan of £300,000 was provided over 6 months. For the cottages a loan of £50,000 was agreed, to be paid in stage releases as the renovation works are completed.

When checking the local property market, the borrower and Roma Finance realised the cottages once refurbished could sell for £200,000 each, providing funds required to exit the bridging loans. This would mean that the mansion would then be unencumbered, and as there is plenty of land, the future plan is also to cordon off 1.5 acres and sell or build on it for further gains.

Scott Marshall, Lending Director of Roma Finance said: “This case shows how we can quickly understand all the aspects of the case and see the big picture and future potential in a development. With multiple properties and spare land to develop further it was very exciting to work with an experienced borrower to bring the property back to life and help him reach his goals, particularly when the mainstream bank couldn’t deliver in the timescales needed.

“All aspects of this case stack up to a terrific development which can deliver returns for the borrower quickly to exit the loans and provides the opportunity for even more profit by building on the land currently not used.

“We are already discussing working with the borrower again for this and other projects.”

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