- Loan amount: £900,000
- GDV: £1.6 million
- CMV: £1.2 million
- Term: 12 months
- Commercial Developer Exit
Roma Finance has supported the purchase and conversion of a former pub into a thriving new accommodation venture in Rugby, Warwickshire. The property, formerly known as The Wheeltapper, has been transformed into 16 high-quality serviced accommodation studios, offering centrally located short-term stays in the town centre.
The borrower, an experienced landlord and repeat Roma customer, approached their relationship manager to fund the development. Having previously worked collaboratively, Roma was well-placed to support this project from initial funding through to successful completion.
The development has significantly increased the value of the property, with the borrower adding £200,000 to its market value through the conversion. Following this uplift, the borrower refinanced the property and raised £50,000 in capital, which is now being reinvested into their next development, a testament to their strategic growth and Roma’s long-term customer support.
The borrower’s next project is located in Essex, where a former care home is being converted into seven residential apartments. Consistent with their business model, the borrower plans to retain the units as long-term assets, generating income through rental and serviced accommodation fees.
Daniel Hill, Senior Account Manager at Roma Finance, commented, “It’s always encouraging to see a customer return to us for their next project, especially through a refinance option. It’s a strong indicator of both their growth and our commitment to helping customers achieve long-term success.”
This case demonstrates Roma’s dedication to building lifelong relationships with its customers, supporting them through every stage of their property development journey.
Categories:
Share article:
