The site had planning for four four-bedroom detached houses with a GDV of £2.5m.
When Roma took on the application for Avongreen Abodes, the first property had already sold for £610,000 and the remaining build was comprised of two wind and watertight new-build homes and a fully serviced plot with South-facing views over a country park.
Later on, a second property was sold for £620,000.
The borrower needed the facility to exit their development loan onto a more cost-effective bridging loan to complete the remaining houses for sale.
Although the valuer was unable to support the sales prices, as there was no direct comparison with them being Passivhaus builds, Roma Finance worked with the customer to ensure their needs were met.
The £550,000 facility, agreed on a nine-month loan term, helped redeem the client’s existing development loan and provide further funding to complete the remainder of the build.
The scheme is said to be the first Passivhaus project in the area that has reached the ‘gold’ level of sustainability.
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The low-energy build boasts technology features designed to make the houses as self-sufficient as possible, including:
- high specification triple glazing and levels of insulation to the window frames
- high levels of airtightness
- mechanical ventilation system with heat recovery
- passive solar shading to prevent overheating
- solar thermal technologies, turning sunlight into heat instead of power
- super insulation to significantly reduce the heat transfer through the walls, roof and floor compared to conventional buildings
- an onsite borehole to provide clean water and a wastewater recycling plant
- acoustic floorboards for additional sound proofing.
Nick Jones, commercial director at Roma Finance, said: “We pride ourselves on leading the charge and being forward-thinking.
“These houses are full of innovation, look fantastic and truly are properties of the future.
“Avongreen Abodes have really set the bar high for sustainable properties moving forward and I am really excited to see what they come up with next.
“We are thrilled to have been able to fund this build and hope to support more sustainable properties in the future.”
Denise Bryson, director at Avongreen Abodes, commented: "The interest rates with our previous lending company were absolutely eye-watering and we could no longer continue to work with them.
“Roma Finance helped us to navigate our way through a refinance with much more competitive interest rates.
“They were also genuinely interested in our exciting new Passivhaus development and our commitment to low-energy sustainable housing; it was not just all about the figures!
“Our progress has been fantastic since we started working with Roma and we have just recently completed a bridging loan for our final plot.”