Daniel Hill

Roma Finance provides £716,000 re-bridge to acquire development site




Roma Finance has provided a £716,000 re-bridge to acquire a development site with planning permission in Watford.

The case was introduced by Positive Lending for a customer looking to refinance their bridging loan on a property purchased for £805,000 in December 2018.

The customer had previously applied for, but failed to secure, planning to develop two houses on the plot.

The customers subsequently applied for one house of 6,000 sq ft, which was granted

Roma completed the loan in just 10 days, with the term of the bridging loan set at nine months and the exit being the sale of the site, with planning.

Roma

The customer is now selling the site — which is currently on the market at £1.2m — but is also going back to planning to get two semi-detached properties approved.

Roma also took additional security on a residential property to give the customer 100% funding to repay their existing bridging loan of £645,000.

“This was an interesting case as it had several different requirements from the customer,” said Daniel Hill, divisional sales manager at Roma Finance (pictured above).

“After meeting them and looking at the viability of the transaction, it was clear that the site with planning permission would be a very profitable development.”

James Oldham, specialist lending manager at Positive Lending, added: “Dan Hill and Adrian France had enabled this loan to progress at speed and got this case over the line within the timescale required.”

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