Case highlights
• Roma Finance provide £429k for site with planning for four houses.
• Agreement in Principle issued within one hour.
• Staved off the site being repossessed by another lender.
• Complex case with two Intercreditor Deeds and five debenture holders involved.
• Loan introduced by Intelligent Loans.
Roma Finance reacted quickly to help a client who was in a difficult time-sensitive situation, where a development site was close to being repossessed by another lender.
Despite the case being a complex one, Roma Finance’s experience and knowledge of development and bridging finance allowed it to complete and provide funds in just five working days from the initial enquiry.
Having received the case from Intelligent Loans on the 3rd February, an Agreement in Principle was issued within the hour for a £429,000 first charge bridging loan.
The client accepted the in-principle terms the following day and Roma’s solicitors were verbally instructed the same day. It was also noted that the case would have completed even faster if the client instructed his own solicitor earlier than on the Friday.
As with all Roma Finance loans, a client meeting was held and arranged on site.
The site was described as a very well located plot in a much sought after part of Cheshire, combined with planning for four houses. The location visit proved the site had excellent potential and the houses to be built would be highly desirable for families in the area. This evidence meant that, despite the site’s threat of repossession from another lender, Roma Finance had confidence in the case.
By 8am on the Friday, the loan was approved on the original in-principle agreement’s terms and funds were transferred to Roma’s solicitor for completion by the following Tuesday.
Scott Marshall, Lending Director at Roma Finance said: “This was a complex case involving second and third charge holders and Letters of Non-Crystallisation from five other debenture holders. And, with the client facing repossession of the site, time was of the essence.
“Using our experience and judgement, we were also able to rely on an historic valuation and of course a site visit, which we do on all our loans to better understand the clients’ situation and bridging needs. It was very satisfying to complete such a complicated loan so quickly.
“Once again, we worked closely with Intelligent Loans, one of our broker partners, and the good business relationship we enjoy helped to ensure the client got the funds required in time for them to refinance the other lender and able to move forward with their development project.”
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