Roma cuts rates across bridging and development ranges

Roma Finance has reduced rates across its bridging and development finance product suites.

Its standard residential and auction bridging options now start from 0.59% pm, offering loans between £75,000 and £3m at up to 75% LTV with no exit fees.

Meanwhile, it’s semi-commercial and commercial rates have been lowered to 0.89% and 1%, respectively.

The lender has also reduced the prices for its light, medium and heavy refurbishment products, with the light refurb option — where cost of works is between 20% and 50% of the current market value — now available from 0.79%.

Across the development finance range, the rates for Roma’s ground-up development product now start from 0.89% on terms up to 24 months.

The lender also introduced a commercial development facility, with prices starting from 1%.

The developer exit option, which allows clients to move their development finance to a less expensive bridging loan once a site is wind and watertight, remains in place.

Steve Smith, sales director at Roma Finance (pictured above), said: “With new and sustainable funding lines in place and a massive increase in business, particularly over the last six months, now is the time to change up another gear.

Our recent RomaFLOW process has been highly successful, reducing completion times and we have expanded the underwriting and processing teams to ensure we can cope with higher business levels. 

“These new lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver a lending less ordinary service to our introducers and customers.”

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