Roma Finance

Roma completes its largest loan

Roma Finance has provided a £1.32m bridging loan in just 15 days in its largest ever case.

The borrower had already purchased an industrial building near Manchester city centre and had started converting it into 26 luxury apartments when he ran out of funds.

Roma provided finance to pay off the incumbent lender and complete the top floor, which comprised six duplex flats.

The client – an experience developer – had previously completed a number of successful residential and commercial schemes, including leisure complexes, spas and gyms.

Once completed, this latest scheme is estimated to be worth in excess of £4m.

The exit to the loan was already planned for with the quick sale of a number of the flats as soon as they were renovated.

Despite the case being higher than Roma’s maximum loan size of £1m, it was happy with the viability and the experience of the customer and advanced the £1.32m bridging loan in just 15 days.

“This was a case where the borrower spotted a tremendous opportunity in a desirable part of Manchester and beat other developers to buy the building and start to renovate it,” said Meir Peer, bridging specialist at Roma Finance (pictured above).

“The loan required was more than our stated criteria, but every case has to be judged on its own merits, and in this situation we decided it was a case worth lending on, with a customer who had delivered quality projects in the past.

“We managed to provide the funds in just 15 days using our new and highly streamlined fast-track service, which is exactly what the customer wanted, and he was able to continue seamlessly with the renovations after we paid off his current borrowings.”

The deal follows the announcement that Roma has secured a new £25m debt facility.

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