Roma Finance slashes bridging rates after securing further funding lines
roma finance

Roma Finance slashes bridging rates after securing further funding lines

Roma Finance has lowered its bridging and development rates after obtaining "new and sustainable" funding.

The further funding lines with RBS and Cambridge Building Society means that the bridging, BTL and development finance lender has dropped rates across its product range.

“With new and sustainable funding lines in place to help us keep pace with the growing demand for our products, now is the right time to cut rates for our priority business lines,” said Scott Marshall, managing director at Roma Finance (pictured above).

What’s changed?

•    The standard rate for residential investment property purchases or refinancing has been reduced to 0.75% per month, with no exit fee on loans from £50,000 to £5m, with a maximum LTV of 75%. Loan terms are three to 12 months.
•    For partly built development sites, rates start from 0.79% per month for sites of up to five units, where the properties have already been made watertight. Loans sizes start at £100,000 with a maximum term of 18 months.

Last year, Roma launched its five-year BTL mortgage product for purchasing investment property or exiting a bridging loan.

“To cope with higher business levels, we continue to expand the Roma team and we are seeing growth in our lending for property acquisition and refurbishment,” Scott added.

“The new lower rates will further stimulate our business in a focused and strategic way, and we will continue to deliver excellent service to our introducers and customers.”

In October 2019, Roma completed its largest ever case: a £1.85m bridging loan for a part-built residential site near Newcastle.

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