Scott Marshall

Roma implements new bridging systems and processes

Roma Finance is disrupting the bridging finance market by introducing new systems and processes whereby the majority of cases can be completed within an average of just 15 days.

In April this year, the bridging lender started a major lean six sigma project to analyse every aspect of its bridging process, from initial enquiry through to completion.

During the project, key parts of how bridging applications were handled were closely examined, which resulted in 45 process improvements implemented in two stages.

Twenty key wins were introduced in July and the remainder soft-launched on 1st October. 

A number of brokers and customers contributed towards the project to ensure the voice of the customer was heard.

With so many lenders keen on competing by reducing rates, Roma’s introducers and customers made it clear that rate wasn’t the key driver in deciding whether to go ahead with Roma or an alternative.

The research found that deliverability, speed of completion and simplicity were highlighted as the three most important considerations when choosing a bridging lender.

On the back of this, Roma has simplified the application, valuation and legal requirements, which means deals can now be completed weeks ahead of other companies, resulting in brokers receiving their fee and commission much earlier.

Scott Marshall, managing director at Roma Finance (pictured above), said: “It has been empowering examining every aspect of a transaction with a new perspective.  

“We’ve challenged the way we operated, interrogated data and employed technology to change the way we do business in order to materially reduce the timeframe in which a loan can complete, without increasing lending risk.

“Although we only implemented the last stage of our project just over a month ago, we have already managed to complete more than 70% of new business within 15 days.  

“Our introducers and customers have been impressed with our new and unique way of delivering the finance they require.”

The current average completion time in the industry is 43 days, according to Bridging Trends Q3 2017. 

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