Roma Finance

Roma provides funding for holiday let conversion

Roma Finance has provided a bridging loan to enable a borrower to purchase and convert a bungalow (pictured above) into a holiday let in the North Yorkshire seaside resort of Saltburn-by-the-Sea.

The £156,000 loan was delivered in just seven days: £126,000 was provided on day one for the acquisition of the property, with the rest delivered six days later so that the conversion could get under way.

Once the conversion has been completed, the holiday let will have a GDV of £325,000 with an annual rental income of £54,000 per annum.

The bridging loan was for a period of six months.

The borrower will exit the bridge by remortgaging with a building society.

Daniel Hill, bridging specialist at Roma Finance, said: “We had to move quickly to provide the funding in the time scales needed by the customer and our new fast-track process meant we were able to provide a very satisfactory outcome.

“The property was in an excellent location next to the beach and the business plan for a holiday let had been well thought out by the customer.

“As well as generating good ongoing income, it also meant there would be added value in the property due to the high quality of the conversion works.”

The customer added: “The team at Roma offers a personal service that is unparalleled in my experience of property lending over the last five years.

“They are quick and efficient all the way through the funding process and we wouldn’t look anywhere but to Roma for our quick bridging requirements.

“Superb service on all levels.”

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