- Loan amount: £350,000
- Purchase price: £100,000
- GDV: £600,000
- Term: 12 months
Roma Finance was approached by one of our key intermediary partners, Synergy Commercial Finance, to support a borrower with a HMO conversion in Hartlepool. The borrower, who manages a portfolio of over 30 properties, required funding to refurbish and convert the property whilst also raising additional capital to support further property acquisitions.
The dwelling, purchased initially for £115,000, was originally a solicitor’s office and is being converted into a 12-bed HMO. The refurbishment and conversion works are estimated at £250,000 and will deliver a modern, high-yield rental property designed to maximise income and long-term returns.
Roma’s facility enabled the borrower to progress quickly with the conversion, providing the funding needed to complete the works efficiently, while supporting their wider investment strategy.
The borrower’s intended exit is to refinance the property onto a specialise buy-to-let mortgage, adding the newly converted HMO into their existing portfolio.
Chris Adlam, Broker at Synergy Commercial Finance commented “I just wanted to say a big thank you to Daniel Hill for working alongside me to complete on another deal sent his way. Roma’s proactive approach made it possible for the borrower to move confidently with the conversion. It’s fantastic seeing this project progressing and knowing we’ve helped to add another asset to their portfolio.”
Daniel Hill, Senior Key Accounts Manager at Roma Finance also commented “It’s encouraging to support a project like this. Our borrower’s experience and clear strategy helped ensure the process moved smoothly, and I look forward to seeing completed HMO in due course. We hope to continue supporting the borrower on their portfolio in the future.”
