Roma provides £120,000 bridging loan to support BTL renovation

Roma Finance has provided a £120,000 bridging loan for a BTL renovation near Halifax, West Yorkshire.

The property was partly completed and required further renovation for it to be finished, as the initial developer pulled out of the project.

The customer – who was a first-time developer – found the property on an online auction.

Working closely with specialist commercial broker Key Commercial Finance, the bridging loan was arranged for nine months at 70% LTV to enable the client to acquire the property.

The exit for the loan was to refinance on to a buy-to-let remortgage.
The customer sold one of his other properties to help finance the project (gross development value: £235,000).

Simon Micklethwaite, business development manager at Roma Finance (pictured above), said: “Working with a customer who was a first-time property developer, I made sure I was their dedicated point of contact.

“Upon meeting the customer and going through the plans for the project, I was satisfied that the transaction would yield favourable returns, particularly with such a well-located property that would perform well in the local buy-to-let market.

“The customer was very happy with both the speed at which the finance was delivered and the high level of service that myself and the Roma team provided at every stage of the application through to completion.”

Vicki Walker, commercial finance specialist at Key Commercial Finance, added: “We were introduced to the client via a residential mortgage broker, who was unable to arrange a buy-to-let mortgage as the property wasn’t complete. 

“Through Roma we arranged a nine-month bridge at 70% LTV to enable the customer to secure the purchase. 

“He will fund the work to complete the property and, once finished, the residential broker will proceed with a buy-to-let mortgage.”

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