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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.

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

I was delighted with their speed and professional approach.

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

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

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

Case Studies

Please click on the links (images) below to read actual case studies from real borrowers. These are used with permission and demonstrate the variety of uses for bridging finance and the speed of service that Roma Finance provides.

All property images are from real case studies that we have financed.

Roma Finance fund seaside holiday let conversion in 7 days

Roma Finance, the specialist bridging finance lender, delivered fast bridging finance for a customer to purchase and convert a property to a holiday let in the picturesque town of Saltburn-by-the-Sea.The property was a bungalow with an excellent location overlooking the beautiful coastline beach in the North Yorkshire seaside resort.The finance of £156,000 was funded quickly, with £126,000 provided on day one to acquire the property and the remainder six days later to get the conversion works started.Once converted the holiday let will have a GDV of £325,000 with an annual holiday rental income of £54,000 per annum.The loan was over six months with the customer exiting the bridge by re-mortgaging with a building society.Roma has recently implemented a new faster service process targeting completions in under fifteen days, and this loan was well below that target. The current industry average is 43 days (Source: Bridging Trends Q3 2017).The project to change the way bridging loans are processed saw 65 process improvements implemented in two stages. 29 key wins were introduced in July and the remainder on 1st October.  The results have been impressive and Roma now believes it leads the market with a consistent, transparent, predictable and unrivalled proposition.Commenting on the property conversion case, Daniel Hill, Bridging Specialist at Roma Finance, said: “We had to move quickly to provide the funding in the time scales needed by the customer and our new Fast Track process meant we were able to provide a very satisfactory outcome. The property was in an excellent location next to the beach and the business plan for a holiday let had been well thought out by the customer. As well as generating good ongoing income, it also meant there would be added value in the property due to the high quality of the conversion works.”The customer said: “The team at Roma offer a personal service that is unparalleled in my experience of property lending over the last five years. They are quick and efficient all the way through the funding process and we wouldn’t look anywhere but to Roma for our quick bridging requirements. Superb service on all levels.”...

Roma Finance funds £3.5m holiday lets and equestrian centre

Roma Finance, the specialist bridging lender, has provided funds for completing a variety of holiday let accommodation and new state-of-the-art equestrian centre after the customer had been let down by another lender at the eleventh hour.The introduction came from Positive Lending, who had heard about Roma’s Fast Track process whereby most deals complete within just fifteen days. This case was completed in just eight days. To ensure the case was funded within the timescale Simon Atherton, one of Roma’s BDM’s, met the customer at the property the day after the case was agreed.The site comprised a bungalow, three cottages, seven holiday flats and 33 acres of land, so there was ample security and to cover payments with holiday let income. The value of the completed centre will be £3.5m. The bridging finance will help deliver a new purpose-built indoor arena so the centre can operate all year round.Looking at the breakdown of the transaction, the borrowers needed to redeem an existing first charge with a High Street bank. A further £500,000 was also required to complete the residential properties and build an equestrian centre and to provide enough working capital so the business could produce a set of accounts to help with a refinance exit strategy. Roma quickly agreed a bridging facility of £874,500 over 12 months.In line with Roma’s new faster service process, the funds were delivered in just over a week from when the borrowers paid the valuation and Roma’s legal fees.Commenting on the case James Oldham at Positive Lending said: “Roma was exceptional in service and speed to get my client’s loan funded. Daniel Hill and David Watkins stayed in contact daily with me (the broker) and the client to ensure that everyone knew where we were at every stage. The client could not be happier and nor can I, thank you.”The borrower commented: “Having been let down by another provider only days before delivery of our steel structure, Roma Finance stepped in to provide the bridging finance we needed. Within two days the case was agreed and a BDM travelled to the property to help understand the transaction. Only eight days after the original enquiry the funds were paid into our account. The new Roma Fast Track process really helped us. The underwriter was always available to discuss the case and the support from the business development team was excellent. Without the speed of turnaround we would have suffered months of delays as the whole delivery and construction window would have been lost, not to mention the manufacturers problems if they weren’t paid!”Roma Finance’s managing director Scott Marshall said: “I’m delighted that the transaction went smoothly and a satisfactory customer outcome could be achieved in this case. Our new Fast Track process helped deliver the bridging funding needed much to the delight of the customer and the introducer. Visiting the site and fully understanding the transaction is a vital part of our new process and this helped to speed up the quick decision making needed in cases such as these, where another lender pulled back from the case at the last minute. The business owners are experienced in this area and I’m sure they will make it a success.”...

Roma Finance deliver £200k to convert pub for family business

Roma Finance, the specialist bridging finance lender, moved quickly to provide funding for a family to purchase a land mark pub in West Yorkshire to operate their family business from.The pub was to have change of use as the family found it to be the ideal property in order to run their business, a bathroom company, interior design and a tea room!The customer needed the money quickly to ensure they didn’t miss out and Roma were able to provide the £200,000 bridging facility in just 14 days. The loan was over nine months, with the exit being refinance to their existing bank.With the customer being new to bridging finance, Roma Finance helped them every step of the way to ensure they fully understood the transaction and to move all the required documentation along as quickly as possible. They had a dedicated BDM who also visited the customer and the property to help explain the finance and to make sure the loan was progressed as quickly as possible.Simon Micklethwaite, BDM at Roma Finance, commented: “Working with a customer who was a first time bridging finance user, I was their dedicated point of contact for their bridging finance requirements in order to facilitate a fast turnaround. The pub was a very viable change of use project and was just what the customer wanted to run their family business. The customer was delighted with the speed at which the finance was delivered and they were very pleased with the high level of service myself and the team at Roma provided at each stage of the process.”...

Read how your local BDM can help you and your customers with fast property bridging finance

Steve Smith - South West 07393 015 841Another lender would not provide the further funds required to complete the build and renovation so there was an impasse. We provided the extra funds required at speed on a modern eco-house of non-standard construction. The customer was then able to complete the sale. This was in Gloucestershire, amount £100,000.  

Simon Micklethwaite  - North East 07471 035 534

We provided a £200,000 bridging facility for the purchase of an empty pub in West Yorkshire with a change of use for a family to run their business from the property.

As the customer was new to using bridging finance, we provided excellent customer service every step of the way. The customer was extremely pleased with the level of service and the fast completion of the funding.

 
Daniel Hill - South East 07913 236879A customer approached us for a bridging loan to pay off their current mezzanine lender and to finish off the last property on a development of four residential houses. We were able to lend £460,000 to the Preston-based customer who was delighted that the development was able to be completed.  

Dave Bibby -  Central & Midlands 07393 015  839

A complex case on which we lent £755,000 to a customer in Wales. It was a challenging scheme of three partly completed houses, and we funded the remaining works against an exchanged sale on one of the houses. We resolved last minute issues over title boundaries but took a pragmatic view to fund the deal for a very appreciative customer.

   ...

Roma Finance’s customer service unlocks £1m basement conversion

Roma Finance, the specialist bridging finance lender, demonstrated a strong commitment to post-funding service by going the extra mile to help a customer, who had been let down by builders, to complete a basement conversion in London.The customer spotted an opportunity to double the value of the mid-terraced property and appointed builders to carry out the work with funds from a £80,000 second charge.However, things didn’t go to plan. After the builders had been paid a substantial deposit and work had commenced, they disappeared.With the property falling into disrepair and amid a flurry of complaints from angry neighbours, the local authority issued an Enforcement Notice. The borrower, who worked full time in the NHS was stuck between a rock and a hard place.  He didn’t even have the funds for the remedial work let alone the money to complete the project.  And to make matters worse, his second lender wouldn’t help.Roma Finance, again demonstrated their renowned flexibility and ability to get ‘under the skin’ of a case. They quickly assessed the project and, realising the potential of the property, agreed to lend £250,000 to pay off the second charge, placate the local authority and complete the project. The bridging finance was released in stages subject to ongoing inspections.At the end of the loan term due to a backlog at the local authority, there was a three month delay to get the building inspector to undertake the final inspection which meant the borrower was unable to get a Completion Certificate that would have allowed him to re-finance and exit the bridge.However, Roma Finance once again demonstrated their understanding of a borrower’s issues and granted an extension to the term until Building Control had issued the Completion Certificate which enabled the customer to obtain his re-finance without being defaulted.Commenting on the case Roma Finance’s managing director Scott Marshall said: “This was one of those cases which we knew would be worthwhile for all concerned. Several other lenders wouldn’t lend because of the Enforcement Notice, but having met the applicant, we knew the issues were not of his making and we could see the property’s potential. We showed our understanding of the problems a customer can have with a project like this and despite setbacks, we stuck by the borrower and helped him realise the full potential of the project, when other lenders might not have been so understanding.  It’s often how a lender conducts themselves when things don’t go to plan that differentiates them from competitors.“We always try to do the right thing by our customers when they get into difficulties and deliver exceptional service backed by prompt, pragmatic underwriting decisions.”The borrower commented: “I would just like to thank the staff at Roma Finance for being polite, friendly and always accommodating.  I needed a bridging loan to fund a basement conversion in West Norwood, London which took longer than expected because of issues with building control. A special mention to Mr Scott Marshall who I found to be a very genuine, honest and kind person.”...

How we funded a £3.2m conversion of a nursing home to 2 luxury houses

Case File:
  • Borrower owned a family-run nursing home worth £1.7m
  • Planned to change business model from residential to domiciliary care, releasing the property for development
  • Already had a positive pre-app for conversion to two detached houses
  • Another major bridging lender couldn’t get their act together on time
  • Roma Finance lent the borrower £500k in one payment on a second charge to undertake the works
  • Once converted the two properties will be worth £3.2m
Roma Finance, the specialist bridging finance lender, has financed the conversion of a family run nursing home into two luxury detached houses.The applicant was a successful businessman having run the nursing home at the premises for more than 20 years.With increasing regulation in the nursing home sector, the borrower’s shrewd business plan was to use his experienced nursing home staff as domiciliary care workers, visiting patients in their own homes, and as the property became vacant, converting it into two individual luxury detached houses. The main part of the property was adjoined by a walkway to a large extension built in the 1980s, making the nursing home a substantial building. By removing the walkway between the two buildings, refurbishing the inside of each and creating separate access from the road with attractive landscaped gardens front and rear, the properties would be among the most desirable and modern in the area.On initial inspection by the local planning department, the borrower had been able to get a positive pre-app that planning for the conversion would be granted.Roma’s introducer had originally been working with another major bridging lender, but decisions weren’t happening quickly enough with restrictions put on the project that funds would have to be released in stages. This approach wasn’t necessary as there was sufficient equity in the property to enable funds to be released on day one thereby ensuring the conversion works would be completed as quickly as possible, once full planning had been granted. In stepped Roma Finance, who, after assessing the case and meeting the borrower face to face, offered the full £500,000 in one sum and the transaction was completed inside a week.Commenting on the case Roma Finance director Scott Marshall said: “With such a credible and experienced borrower who already owned the property for more than 20 years, it was clear from the outset that the business plan to change the focus of their care and to free up the magnificent property to convert it to maximise its potential on the open market, was viable and achievable.“Being a local businessman, the borrower knew the property market well in that area and turning a large nursing home into two separate dwellings showed a high degree of commercial acumen with clear objectives, which could yield a profit of around £1m.”The borrower commented: “I have taken bridging loans out for property transactions in the past, so I’m an experienced borrower. Roma Finance acted promptly and professionally throughout the whole loan process, with positive and focused contact. They were very straightforward to deal with and I always knew where things were up to.  A pleasure to do business with. I even voted for them recently in the Financial Reporter Awards as Best Short Term Lender and was delighted to hear that they were Highly Commended. In my opinion, richly deserved!”  ...

Roma Finance funds £750k seaside property in 2 days

Case File:

  • Borrower paid £750k for building comprising 6 apartments
  • Developer will see a healthy profit within 6 months following a partial refurbishment
  • Loan completed in 2 days

A savvy property developer snapped up an historic building in a Yorkshire seaside resort with fast funding and expert support from Roma Finance, the Manchester-based bridging lender.

The freehold property comprised six large luxury apartments in a tranquil setting close to the sea in a traditional holiday town. The finance was needed in order to acquire the building within a particularly restricted timescale insisted upon by the vendors, with exchange taking place late on Christmas Eve.

On a previous project, the borrower had been disappointed by another bridging lender’s somewhat ponderous responses; after being recommended to use Roma Finance by his solicitor, the matter moved forward extremely quickly.

Roma received the initial call from the London based borrower at 5pm one evening and immediately arranged a meeting for the following morning at 7am. Given the urgency of the transaction, the borrower paid Roma’s valuation and legal fees at that meeting and Roma immediately issued instructions to their valuers and solicitors.

The loan was over three months and completion of the agreement took place just two days later. Following completion of the purchase, six new long leaseholds were created and the apartments placed on the market early in February and three have already been sold (STC).

Roma Case Study 2

The well-proportioned Georgian property in a picturesque setting was acquired from the mortgagees-in-possession and fortunately part of the work had already been done by the previous owner.  At the time of purchase, five of the six apartments were tenanted and those tenants were given notice on exchange of contracts, so that vacant possession could be obtained shortly after completion.

Commenting on the case Roma Finance director Scott Marshall said: “This is a good example of a borrower spotting a brilliant property project and buying it quickly to maximise the opportunity. By doing this he gave the project a much higher yield and made the business plan work out very much in his favour.  This is only the first of many projects we are likely to do with him. We had to pull out all the stops to get the case funded quickly, but with our expert team which included our valuers and solicitors, we were able to provide the funds needed within 48 hours.”

The borrower commented: “Roma Finance restored my faith in the bridging sector by acting quickly and in a very professional manner.  I was particularly impressed that the Agreement in Principle was issued within an hour of them getting the basic information about the property and project.

“I was delighted at the way Roma took a genuine interest in the project and, furthermore, completely understood my plans and income projections for the building. The finance was completed in double quick time which ensured that I was able to comply with the vendor’s timetable. I would certainly not hesitate to use them again on my future projects.”

...

Roma Finance re-bridges £400k in 5 days to allow BTL landlord time to plan an exit

Case file:
  • Borrower required £400k to exit a bridging loan from another lender
  • Property worth £700k and let to 5 separate tenants
  • Roma researched HMO licensing in the London Borough of Southwark
  • Borrower will require a licence early in 2016, but granted a grace period
  • Roma met borrower twice in London to finalise the transaction details
Roma Finance, the Manchester-based bridging and development lender, has succeeded in lending £400,000 over 6 months with a five day completion to a borrower to repay an existing bridging lender to give them more time to find low cost longer term finance.The borrower’s discounted rate with their existing lender had come to an end but she wasn’t in a position to redeem their loan.As is the case with all their borrowers, Roma Finance met theborrower to get an understanding of their situation and how best to structure the loan in order to ensure that the borrower could successfully repay Roma Finance’s loan within the required timescale.The security property comprised a South London mid-terrace Victorian BTL residence worth £700,000, currently let to five separate tenants on Assured Short Term Tenancy Agreements. In order to help the borrower secure an exit from their bridging loan, Roma Finance researched the requirements for HMO Licenses in Southwark and found that from January 2016, the property would require a license. Therefore as part of the re-bridge, the borrower agreed to apply for a licence within three months of the new loan completing in order to help her obtain a low cost BTL mortgage.Scott Marshall, Operations Director at Roma Finance, said: ”Re-bridging other lenders loans has become quite a popular way of providing a borrower with more time to resolve their bridging finance debt while still benefitting from the speed and advantages of short term finance. “As usual we went above and beyond what is normally done by a lender to complete a loan, by not only meeting the borrower but also by researching the HMO regulations to help the borrower obtain an exit from our loan. That’s the Roma Finance way.”The borrower was introduced to Roma Finance by Geoff Platts of Lerwick Group, who commented: “I knew Roma were potentially the right lender to look at a re-bridge case such as this. They were fast, with a five day completion and still took the time and trouble to assist the borrower with valuable HMO licensing information that helped seal the deal. Roma Finance delivered the solution, much to the delight of the borrower.”...

Roma Finance rescues million pound barn and equestrian centre development as building society gets cold feet

Roma Finance, the Manchester-based lender, recently came to the rescue of the Finance Director for a well-known blue chip company who had been badly let down by one of the UK’s major building societies when they pulled the plug on a self-build mortgage.The borrower was looking to buy a derelict barn for conversion into a highly specified luxury home in a beautiful setting in rural Worcestershire which would be worth over £1m on completion. The borrower, a former British international horse rider, was looking to add an equestrian centre with separate groomsman’s residence set in over 8 acres of land.Roma Finance had initially provided a £210,000 facility to cover the site acquisition and the building society had agreed to fund the project. When the news came, just prior to the expiry of the loan, that the building society was pulling out of the self-build mortgage market, Roma Finance quickly stepped in and agreed to fund the entire £500,000 scheme and 100% of the build costs.The construction took eight months and the borrower was then able to obtain a mainstream mortgage to exit the bridging loan. Scott Marshall, a director at Roma Finance, said: “This was an example of Roma Finance getting under the skin of the overall project rather than just looking at one aspect of the case. It was clear to us that since the property was being bought at a favourable price and that both the development and on-going business were viable, it was a development we could fund. In addition, by building a strong understanding of the borrower’s knowledge and vast experience of the equestrian industry, we were certain she’d make a success of the project and we were able to lend quickly where others had hesitated.”The borrower commented: “Roma Finance provided a bespoke solution to enable us to purchase a great investment opportunity at a special price if we could complete quickly. They invested a great deal of time to ensure the loan was tailored to suit our specific requirements and completed to the vendor’s deadline, and ours. We could not have built the barn without their support for which I am very grateful. Many thanks.”...

Roma Finance funds a hat-trick of pubs for HMO conversions

Case File:
  • Clients comprised of a team of experienced builders and BTL landlords who saw an opportunity for HMO accommodation
  • Sourced 3 vacant ex-public houses for change of use
  • The 3 pubs will be converted to provide in total 54 rooms
  • The 3 properties were in an area where there is a significant shortage of accommodation
  • Roma Finance provided £240k over 12 months for the purchase and renovation works
Roma Finance, the bridging and development finance lender, helped two Midlands based property entrepreneurs purchase a string of pubs in the Lake District to convert to Houses in Multiple Occupation (HMOs).The clients saw a gap in the market when they learnt that there is to be increased investment in the area and were looking to acquire the pubs in order to satisfy the increasing demand for rooms from contract workers.The business partners completed their research and found three former public houses that they planned to convert. One is to be a twenty six bed HMO and the other two will both be fourteen bed HMOs.HMOs are well known to offer the potential of higher rental yields and the clients did their sums to make sure they were viable.Although the pubs were structurally sound they were not in good condition and due to the nature of the project they needed a specialist lender that could deliver the finance they needed within a short time frame for the refurbishment and change of use building works.The client’s introducer put them in touch with Roma Finance who specialises in financing the renovation and conversion of property to other uses by landlords, businesses and property developers.Roma Finance met the entrepreneurs to understand their project and plans for the properties. After hearing of their experience and well thought out plans for the pubs, three separate loans were agreed – one for each property – totalling £240,000 over twelve months. The exit will be a commercial re-financing of each of the properties once they are converted and up and running as HMOs.Scott Marshall, Operations Director at Roma Finance, said: “This was an exciting case as it’s always a pleasure to work with clients who not only have vast experience in converting property but also did their sums to make sure the yield calculations were favourable too. It was also a pleasure to see unused buildings, in this case pubs, being brought back to life with a positive change of use that will help the growing workforce and the local community.”...

Roma Finance saves local Post Office with bridging loan

Case File:
  • Borrower needed £70k over 6 months
  • The local Post Office had recently closed
  • Farm shop and 4 acre plot valued at £140k
  • Bridging loan used for expansion and buying opening stock for the business
  • Borrower will exit the bridge by moving home to raise the capital
  • Borrower now looking to raise funds via Enterprise Investment Scheme (EIS) to relocate Post Office to a central village location
Roma Finance acted quickly to help a borrower save a Post Office near Glastonbury which had closed down due to the owner retiring and the borrower wanted to reopen it as part of his thriving farm shop business.Alerted to the situation by a new introducer, Roma Finance met with the borrower to discuss the bridging finance needed to reopen the Post Office and the business aspects of the case.The proposal was to relocate the local Post Office to the borrower nearby, popular farm shop, and the bridging loan of £70,000 was to cover property alterations to the shop to accommodate the new venture and to provide finance for opening stock.The farm shop was used as security for the loan. It was on four acres of land, and was valued at £140,000 by a local chartered surveyor.To exit the bridge, the borrower would take the proceeds from the sale of his main residence which was on the market for £800,000. The borrower was to move to another property in the village. The borrower is also looking to raise money via an EIS, which offer favourable tax allowances for investors, to fund relocating the Post Office to a more central village location. £80,000 has already been raised and they now just need another £150,000 to put the Post Office back in to the heart of the community.Commenting on the case Daniel Hill, Lending Manager at Roma Finance, said: “This was a complex case to work on but as the ultimate goal was to help continue a vital Post Office service to a community, it was a very worthwhile one. The borrower had a proven local business with a farm shop that had been trading successfully for eighteen months and when the Post Office closed down, took it upon himself to arrange to transfer it over to his nearby shop. There was plenty of equity in the farm shop and land for the loan, and with the sale of his house he had a planned exit route too.“This is one of those cases that only happen every so often and to help a local community is an added bonus for all involved in the transaction.”...

Roma Finance resolves family feud with buyout bridge

Case File:
  • Borrower’s father bought residential investment property from his father who fled abroad with £500k
  • Borrower’s father left with a £300k mortgage and realised property didn’t have planning permission for residential use
  • A sale was agreed at £380k without residential planning but fell through because the bank refused to give a redemption figure as their mortgage book was being sold
  • Father stopped paying mortgage, the bank froze his accounts and he was declared bankrupt
  • Following a super compliant which went to the Bank’s CEO, an agreement was reached for a sale to proceed at £135k with no further obligations
  • Roma Finance met the borrower and quickly agreed a bridging loan for £120k over 6 months
Roma Finance, the Manchester-based specialist bridging lender, were able to resolve a difficult and complex case involving three generations of a family and a dispute with a major UK clearing bank lasting several years.The case was introduced by John Waddicker at Positive Bridging Finance. Previously other lenders had not been able to assist the family, but Roma Finance agreed to take a closer look to see if they could help.It all started with the borrower’ grandfather selling his son, the borrower’s father, a residential investment property for £500,000 in 2006. The son, believing there would be no issues with the purchase, didn’t carry out any searches and took out a mortgage with a major UK clearing bank for £300,000. Almost immediately after the sale went through, the grandfather disappeared, leaving our borrower’s father with a property which didn’t have planning consent for residential occupation.After several years of trying unsuccessfully to sort out the planning, our borrowers’ father agreed a sale without planning for £380,000. However, the sale fell through because the bank refused to provide a redemption figure as they were trying to sell their loan book to another major UK bank. The father, by now completely disgruntled stopped paying his mortgage. In response, his bank account was frozen which resulted in him eventually becoming bankrupt.Following a lengthy complaint procedure which went as far as the bank’s CEO, the father reached an agreement whereby he could sell the property for £135,000 and release himself from any further obligations. In addition, he had also reached an agreement with the local planning department to obtain change of use to residential. Our borrowers, the father’s sons, committed their life savings of £15,000 as part of the transaction. Roma Finance was able to confirm the story was genuine, agreed to fund £120,000 towards the sons’ purchase and a further advance once residential planning consent had been obtained.Once the change of use had been obtained, the borrowers paid off Roma’s bridging loan with a buy to let mortgage through another High Street bank.Scott Marshall, director at Roma Finance, commented: “By meeting the borrower we were able to get a complete picture of what had happened from the beginning of the father’s journey with this particular property. We made sure we took the time to understand each step and why events had turned out the way they did. This is the Roma Finance way. Despite the many difficulties encountered, we were able to confirm the family’s story and provide a bridging loan for them to release the family from the relationship with their bank, whose actions were beyond reproach.”John Waddicker, Director at Positive Bridging Finance, said: “This was one of the earliest cases we gave to Roma and it really demonstrates their pro-active approach. They do what they say they are going to do, they do it quickly and by meeting the borrower, they were able to get under the skin of this complex transaction. Following this and other successful payouts, they’re now a preferred lender of ours. I can see Roma growing from strength to strength in this marketplace. Scott and the Roma Finance team have a great pedigree which gives me a good deal of confidence in them.”Because of the nature of this particular case, the borrower has requested anonymity, but one of the sons commented:“Everything went smoothly with our transaction and it was a pleasure to work with Roma Finance. Hopefully we will get a chance to do some more business in the future.”...

Roma Finance save borrower £400,000 with 48 hour debt forgiveness bridge

Case File:
  • Borrower had agreed a debt forgiveness deal at the start of May and had to repay by Friday 29th May 2015
  • Roma Finance was contacted on Wednesday 27th May because the borrower had been let down by 2 other lenders’ slow credit process 
  • The borrower required £365k otherwise the debt would have reverted back to £750,000 Roma Finance met the borrower, spoke to the valuer and completed all the legal work within 48 hours
  • Roma Finance, the Manchester-based specialist bridging lender, met an extremely tight deadline to save a borrower almost £400,000 in a complex debt forgiveness case, when a borrower found themselves let down by two other lenders.
During the borrower meeting on Wednesday evening 27th May, Roma were told how the original mortgage was miss-sold as unbeknown to theborrower the bank had sold them a £750,000 hedged foreign exchange mortgage product on their two buy to let properties. The borrower needed to pay off the bank who owned this debt and had been to two other lenders who promised much but delivered little and time was running out. The borrower only had until 4pm Friday to repay the bank £365,000 or else the debt would go back to £750,000. The clock was ticking. The valuations on the 4 properties had already been done and because of this we knew they were good security at the right amount.The solicitors were instructed first thing Thursday morning and to the borrower’s delight Roma Finance released the funds on Thursday afternoon in readiness for completion on Friday morning.Scott Marshall commented: “Meeting the customer was critical to this deal and that discussion helped us understand the background & dynamics of the transaction. The borrower had owned the properties for nearly 10 years and they represented good security, so I was happy to progress the case in order to meet the tight deadline. The borrower, who had a strong profile, had agreed a debt forgiveness amount with the bank and had a good strategy for exiting our bridge.“It was then a case of going flat out to meet the deadline, using the slick processes we have and our trusted legal partners who worked incredibly fast, I liaised with the bank to put us in the position of being able to lend and at the same time save the borrower almost £400,000. This case shows the importance of meeting every borrower and looking at every case from every angle to get the deal over the line. This is the Roma way.”Because of the nature of this particular case, the borrower and broker have both requested anonymity, but separately commented: The borrower, Mr G emailed: “Thanks all for all your hard work over the last couple of days. Romadiscussed the case late Wednesday then delivered to plan. Great stuff chaps. Well done.”The broker said: “I would like to thank Roma Finance for arranging this bridging facility in 48 hours after we were badly let down by one of the larger bridging lenders. The service my borrowers and I received was excellent and I am very pleased with their whole attitude to conducting business professionally and efficiently. This is how it should be and I’ll surely will be using your services again in the future. Keep it up.”...

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.”...

Roma Finance lends £100k on buy to let conversion and takes a commercial view on rights of way issue

Case File:
  • Roma Finance provides £100k in two tranches
  • £50k for purchase and £50k (100%) for conversion costs
  • Property was a kitchen workshop unit converted to residential use under Permitted Development Rights
  • Roma spotted and took a view over a rights of way issue
  • Loan introduced by Brightstar Bridging
The borrowers bought a single storey kitchen workshop unit in a popular Hertfordshire town, with a view to converting it into a one bedroom, one bathroom residential buy to let.The borrower, introduced through Brightstar Bridging, paid £85,000 for the workshop and the plan was to convert it into a very conveniently located residential property under Permitted Development Rights. The conversion works were estimated at £50,000.In all, Roma Finance provided two tranches of bridging finance; £50,000 towards the purchase and the same amount for the full cost of the renovation work. The property is now on the market at £220,000, which should realise a substantial profit for the borrowers, who are already talking to Roma Finance about their next project.As they do on all of their cases, Roma Finance undertook a site visit to better understand the case. They viewed some other projects the borrowers had been involved with and were satisfied they had a credible proposition and experience of successfully renovating property.
IMG_1551 During the legal process, it was discovered there was a right of way at the back of the workshop for deliveries.The reason this became so important was that this legal access right fell away on conversion to residential use. However, because of the site visit and understanding of the geography surrounding the property, it was clear that in practicIMG_1553al terms access to the property would not be compromised and so Roma took a ‘common sense’ approach and released funds.Scott Marshall, Lending Director t Roma Finance, commented: “This case highlights the importance of the site visit to thoroughly understand the legal issues that can crop up when underwriting a case. We knew that this was a good property in an excellent location with a high return for the borrower, so we made every effort to resolve the right of way easement and I’m happy to say these concerns were answered by our expert team.” Kit Thompson at Brightstar Bridging said: "Roma Finance provides exceptional service to our borrowers and to ourselves. Not only did they take a sensible approach on a potentially material issue but post completion our borrower asked for the loan structure to be reviewed. To their credit, Roma Finance looked at the case again and made it more viable for our borrower. Sometimes it's how a lender reacts when things don't go to plan that defines them, and Roma Finance delivered solutions to the borrower and us as brokers. That's why they are a broker's lender."...

Roma Finance stave off a repossession of development site with £429k bridge in 5 days

  • Roma Finance provide £429k for site with planning for four houses
  • Agreement in Principle issued within 1 hour
  • Staved off the site being repossessed by another lender
  • Complex case with 2 Intercreditor Deeds & 5 debenture holders involved
  • Loan introduced by Intelligent Loans
Roma Finance acted quickly to help a borrower who found themselves in a difficult situation with time running out. Despite the case being a complex one, Roma Finance’s experience and expert knowledge of development and bridging finance meant that they were able to complete a complex case and provide funds in just 5 working days from the initial enquiry.Having received the case from Intelligent Loans on the afternoon of Tuesday 3rd February, and discussing it with the broker, an Agreement in Principle was issued within the hour for a £429,000 first charge bridging loan.The borrower accepted the in-principle terms on Wednesday 4th February and Roma’s solicitors were verbally instructed the same day.  The case would have completed even more quickly if the borrower would have instructed his own solicitor earlier than Friday 6th February!As with all Roma Finance loans, a borrower meeting was held, and this was promptly arranged on site for Thursday afternoon 5th February. The site was as described a very well located plot in a much sought after part of Cheshire with planning for four houses. It was clear from the site visit that the site had excellent potential and the houses to be built would be highly desirable for families in the area.  Despite the threat of repossession of the site by another lender, Roma Finance could see the potential of it and having met the borrower had confidence in the case.By 8am on Friday 6th February, the loan was approved on the terms of the original in-principle agreement and funds were transferred to Roma’s solicitor for completion on Tuesday 10th February.Scott Marshall, Lending Director at Roma Finance said: “This was a complex case involving 2nd and 3rd charge holders and Letters of Non-Crystallisation from 5 other debenture holders. And, with the borrower facing repossession of the site, time was of the essence. Using our experience and judgement, we were also able to rely on an historic valuation and of course a site visit, which we do on all our loans to better understand the borrowers’ situation and bridging needs. It was very satisfying to complete such a complicated loan so quickly.“Once again we worked closely with Intelligent Loans, one of our broker partners, and the good business relationship we enjoy helped to ensure the borrower got the funds required in time for them to refinance the other lender and able to move forward with their development project.”...

Roma Finance discovers Planning Discrepancy which saves Borrower’s £700k Property Renovation

  • Borrower needed funding to renovate a unique property
  • Roma Finance lent borrower over £200k to help complete the renovation
  • Funding also provided to property developer for refurbishment works and to pay off previous lender
  • Property will be worth £700k and finished to high specification
  • Roma Finance discovered a discrepancy in the planning permission missed by previous lenders which would have rendered the property unsaleable
  • Packager Intelligent Loans introduced the case
 Roma Finance, the Manchester-based bridging finance lender, has successfully lent over £200,000 for a borrower to refinance and renovate a property in an historic and desirable village in Gloucestershire. The property is a 3 storey, 4 bedroomed house which had been in the same family for over a century. It was already worth over £400,000 in its dilapidated state, but will be worth around £700,000 when completed and prepared for market.The case was presented to Roma Finance by the packager Intelligent Loans, and £320,000 was already owed to another lender. The £200,000 was used in part to pay off the other lender, and the borrower entered a JV with a reputable local property developer for the remaining funds to complete the building works.As Roma Finance were underwriting the case it became evident that the borrower hadn’t implemented a previous planning consent correctly. This would have left the borrower with a real problem had it not been highlighted as it would have left them with an unsaleable property.  Enquiries were made with the local authority and it was agreed that as a condition of the loan, the borrower would re-submit for the correct planning consent within 20 working days of completion.The borrower intends to sell the property to pay off the bridging loan and should be left with a healthy surplus as the property is highly specified in a much sought after village location.Scott Marshall, Lending Director at Roma Finance commented: “This case really demonstrates our individual approach to property bridging finance. Firstly, in order to enable the borrower to pay off their previous lender and renovate the property we entered into two funding arrangements. One with the borrower and one with a property developer who funded the works.“Secondly, we noticed a discrepancy with the planning consent. This could have caused real problems for the borrower and the incumbent lender, but we were able to recommend a way for it to be resolved, which didn’t impact on the security of the loan,  and will clearly benefit the borrower and the developer as the property should be much easier to sell once the renovation has been completed. Not all bridging cases are the same, and this case shows that it’s important to have the expertise and experience to properly review and progress cases that aren’t always as straightforward as they at first seem.”Tom Hill of Intelligent Loans (www.intelligent-loans.com), commented: “Roma Finance have always provided excellent customer service and once again did not disappoint. I was approached by a new introducer with a case that had gone around the houses with no packager or lender being able to complete the loan. The team at Roma Finance discussed the borrower’ situation in great detail and offered scenarios where they could resolve the issues other lenders couldn’t. Their flexible and common sense approach to lending is a breath of fresh air and regularly wins them deals over other bridging lenders.” ...

Roma Finance look beyond the façade to see the potential in renovating

The borrower was an experienced builder in Chester and he and his business partner bought a derelict semi-commercial terraced property at auction for £50,000 comprising a ground floor shop with accommodation above.
  • Borrower couldn’t raise funds from other lenders
  • Renovation finance needed with huge potential
  • £50k lent in stage payments
  • Bought for £50k at auction, now valued at £260k pre-completion---chester---external
While another lender procrastinated, Roma Finance went to visit the property and met the borrowers to discuss their plans. Although not in a good state of repair, the locality provided good housing and shopping amenities. It seemed obvious that having been empty for 25 years, the local authority would grant consent for a change of use – indeed the borrowers already had an application in for the renovation to provide a shop and two flats or four flats.As the project was discussed it became apparent the borrowers were experienced property professionals, pointing out three other properties they had fully refurbished on the same road, demonstrating they were extremely familiar with the local housing and rental market.Roma Finance provided the £50,000 needed for the refurbishment which was drawn down in stages as the work, monitored at each stage by Roma Finance, progressed. Once the work was completed the estimated value of the flats was £260,000. To exit the loan, the borrowers re-mortgaged with another lender on a longer term basis.
pre-completion---chester-internalScott Marshall, Director at Roma Finance commented: “Many lenders still work remotely and never get out to see the properties they lend on. But at Roma Finance we like to find out the real story behind a renovation such as this. As soon as we visited the property its potential was obvious and the borrowers experience meant they were going to maximise its potential. “What’s really pleasing now is that the borrowers are embarking on a major renovation of 36 houses in the area and we are already in negotiations for providing the finance for this exciting project.”post-completion---chester-internal...

£375,000 bridging loan provided for day nursery, prior to planning being granted

Case File:The borrower wanted to purchase a 5-bed detached executive home for conversion to a day nursery. Other lenders had turned the case down as planning permission for the conversion to a business hadn’t been granted. However, Roma Finance met the borrower and discussed in more detail their business plan - with or without planning permission.The detached house was worth £610,000 on the open market and it had an indoor swimming pool, which would be used to provide swimming lessons, paid for separately to the day nursery. With borrower only requiring £375,000 the LTV was easily acceptable. Also, the borrowers already ran another day nursery so they had experience of running a successful business in this market.
  • Funding needed for a detached house
  • Planning submitted to run a day nursery
  • If planning not granted borrower had a viable backup plan
  • With low LTV and business potential, Roma funded £375k
During discussions it became apparent that behind the house a development was underway on a new housing scheme, with 5,500 new family homes being built, an ideal target audience for a day nursery, which when built would significantly increase the value of the business.By digging a little deeper in to the way the business was going to be run, with two income streams (from the nursery and swimming lessons), and a ready made market with the new housing development, Roma Finance then discussed with the borrower the possibility of planning not being granted.The borrowers clearly demonstrated they had thought this possibility through too. The backup plan was to start a child minding service from the property, which didn’t require planning permission. The business model still provided a suitable income as it could still be supplemented by offering swimming lessons to local children as an extra income stream.With a thorough understanding of the borrower’s plans and opportunities whether planning was granted or not, Roma Finance provided the £375,000 requested.Scott Marshal, Director at Roma Finance said: ”Because we like to get to know how a business is going to operate and any fall back options, we were able to provide the funding where other lenders hesitated. Obviously planning permission is vital for any business, but as the borrowers had a second business model based on not getting the permission, this made our decision a lot easier. Also, with a second income being derived from the swimming lessons, sufficient income was going to be generated to cover the loan payments.“I’m pleased to say that although the planning application is still in progress, staff have been recruited and the child minding business is about to start. Because Roma Finance looked closely at the big picture and didn’t get hung up solely on the planning angle like other lenders, we have helped a worthwhile business get off the ground.” The borrower will refinance the bridge on a longer term mortgage once either of the two strategies has been proven....

Roma Finance lend £310,000 for borrower to maximise return on stunning mansion conversion

Case File:
  • Borrower needed funding to renovate spectacular mansion
  • Other lender wouldn’t commit in the required time frame
  • Roma Finance provided two tranches of funding
  • Broker, y3s Bridging and Commercial, paid commission on both fundings
  • Borrower  now has long term rental income from house and 6 luxury flats
There has been a lot of talk since the recent budget that buy to let property will be used by a growing number of people as part of their pension planning. This is borne out through the example of this project funded quickly by Roma Finance to help a borrower undertake a renovation to provide long term rental income. Roma Finance were also able to provide a second facility to help get the most from the opportunities this property provided.
Mansion-flat-internal---pre-refurbAfter spending two months trying to get funding from another lender and their borrower  paying out for legals and fees, the broker, y3s Bridging and Commercial, finally decided to try another lender and called Roma Finance one Friday morning. Although they hadn’t worked with Roma Finance before, they had heard about their individual approach and ability to help borrowers when a case gets stuck and clear decisions just are not being made.The property was a much sought after old mansion nestling in beautiful parkland bought by the borrower  for £790,000 with a loan from a High Street bank. The plan was to convert the property into a spacious family home, together with 6 luxury 2 bedroom apartments, which would be rented out.After receiving the call on Friday morning Roma were on site meeting the borrower on the Sunday morning, gave an immediate on the spot in-principle agreement and the borrower  had £110,000 by Tuesday which enabled the borrower to complete the conversion of the first 2 flats.The borrower then requested that his broker raise a further £200,000 to convert 4 further luxury executive lets in the mansion which would be finished to the highest standards.At this point the broker was considering using another lender, but quickly realised that many lenders would only lend on the value of the property as the project progressed, not on its final value after work was completed, which would not provide enough finance to finish the conversion. Having seen work done so far on the completed apartments and realising the full potential of the income when the refurbishment was complete, Roma Finance stepped in again to provide the additional funding in stages as the work progressed, but based on the ultimate value of the property.Roma Finance also built up a good relationship with the broker, who was paid the same as a gold packager with other lenders, despite Roma Finance putting in a lot of project management time to get the conversion funded.With the work done, the valuations are impressive. The site as a whole is worth £1.8m, with the 6 flats worth £200,000 each and the remainder of the mansion is a substantial family home valued at £600,000.However, for now they are not for sale. The rental income will be used by the borrower  to provide long term income into retirement. The growth in asset value may be realised at a later stage as the house or one or more of the flats could be sold separately to release funds if required.Mansion-flat-internal---post-refurbThe borrower said “I was very impressed with Roma’s speed and attentiveness. Unlike other lenders in this space they made significant efforts to get to know me and fully understand the project.”Scott Marshall, Director at Roma Finance said: “This was a very satisfying case to work on as it demonstrated the value of our individual approach to lending by working closely with the broker and the borrower  to provide separate finance as the case progressed, with the objective of getting the most out of two renovations”.“Releasing funds in stages is also something we have experience in and could monitor progress as we released extra funding. Not many lenders would have spent so much time on a case to ensure a viable outcome for the borrower, but this is what we pride ourselves on at Roma Finance as every case is different and requires individual attention.”...

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