Roma Finance was approached to support a property developer, who required funding to purchase a 3-bed semi-detached house to convert it into a 4-bed HMO.
The property is situated in Weston-super-Mare, on a street of Victorian houses within close proximity of town centre amenities and facilities.
Roma provided a gross facility loan of £198,750, enabling the immediate purchase of the house. The property was dated and required modernisation throughout but no additional facility was required as the borrower used their own funds to carry out the works and conversion. The refurbishment took around 12 weeks to complete.
As an experienced landlord, the borrower, who currently owns a portfolio of HMO properties and flats, started converting properties back in 2017 as a project manager. Since then they have become a well-established property developer. Roma has also provided funds for other HMO projects they have secured over the last 12 months.
Farah Akhtar, Underwriter at Roma Finance commented “Our borrower was a pleasure to work with – they always went the extra mile to provide the evidence and additional information that we required. As well as being very understanding of situations that we encountered, they were very easy to communicate with via phone or email and were always great at responding back to us. It’s been excellent working alongside them on this deal and I look forward to seeing any future projects arrive in Roma’s pipeline!”
Lisa Toner, Processing & Completions Manager at Roma Finance added “It was a really positive experience getting this deal over the line and it was made clear to us that our borrower was a very experienced developer and landlord. They have returned to Roma multiple times for different projects within their portfolio, and it’s been a pleasure working with them on each deal – a true customer for life!”
Our customer also added “Working with Roma has been like a breath of fresh air compared to any other lenders I have worked with in the past. Both Lisa and Farah have been fantastic and so has the service that I’ve received! It’s really nice to be able to speak with genuine people, whether by phone or via email, that understand the business really well. This isn’t my first deal with them, but they always manage to provide a great experience each time. Thank you, Roma Finance!”
The borrower exited the bridge and the property has been refinanced onto our 5-year term product.
