Roma Finance provided £750,000 in just two days to allow a property developer to purchase a historic building in a Yorkshire seaside resort.

The Manchester-based bridging lender helped the developer to acquire a six-apartment building within a particularly restricted timescale, which was insisted upon by the seller.

The developer had been let down by another bridging lender’s slow response, and turned to Roma following a recommendation from his solicitor.

Roma received an initial call from the London-based borrower at 5pm and immediately arranged a meeting at 7am the following morning.

Given the urgency of the transaction, the developer paid Roma’s valuation and legal fees at that meeting and Roma immediately issued instructions to its valuers and solicitors.

Completion of the agreement for the three-month loan was finalised just two days later.

Following the purchase, six new long leaseholds were created and the apartments were placed on the market in early February.

Three have already been sold.

Scott Marshall, Director at Roma, said: “This is a good example of a borrower spotting a brilliant property project and buying it quickly to maximise the opportunity.

“By doing this, he gave the project a much higher yield and made the business plan work out very much in his favour. 

“This is only the first of many projects we are likely to do with him. We had to pull out all the stops to get the case funded quickly, but with our expert team, which included our valuers and solicitors, we were able to provide the funds needed within 48 hours.”

The developer said Roma had restored his faith in the bridging sector by acting quickly and professionally.

“I was particularly impressed that the Agreement in Principle was issued within an hour of them getting the basic information about the property and project,” said the developer.

“I was delighted at the way Roma took a genuine interest in the project and, furthermore, completely understood my plans and income projections for the building.

“The finance was completed in double quick time which ensured that I was able to comply with the vendor’s timetable.

“I would certainly not hesitate to use them again on my future projects.”

Case details:

• Borrower paid £750,000 for building comprising six apartments
• Developer will see a healthy profit within six months following a partial refurbishment
• Loan completed in two days