Roma

Roma Finance advances loan for luxury residential development



Roma Finance has advanced a £643,500 loan for a detached former maltings and warehouse which is to be converted into five luxury residential units.

The introduction came from Positive Lending and after assessing the case and meeting the customer, an initial advance of £161,500 was provided with the rest of the funds to be released in stages.

The property — which was acquired by the customer for £300,000 and will comprise four townhouses as well as a duplex apartment — has a GDV of £1.17m.

Roma Finance has provided the bridging loan over a 12-month term, with the exit being the sale of the units.

“We were able to make the initial stage payment straightaway after we looked at the project and met the customer and other tranches of funds will be released as the site progresses,” said Daniel Hill, divisional sales manager at Roma Finance.

“With such a high value onward sale of the houses, the exit for the bridge is clear as they will sell quickly in the local market.

“The customer is an experienced developer and should make a very good profit with this project.”

James Oldham, specialist lending manager at Positive Lending, added: “Thank you again to Daniel Hill and Adrian France [underwriter at Roma Finance], who have both helped to facilitate a refurbishment bridge on a malthouse.”


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