Case Studies

Roma Finance, the specialist bridging and development lender, has lent £643,500 for a detached former maltings and warehouse to be converted into five luxury residential units. The introduction came from Positive Lending and after quickly 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 customer acquired the unique property for just £300,000 but with the Gross Development Value being £1.17m the business plan for the scheme shows an excellent profit can be made after the conversion works are complete. The site will ultimately comprise four town houses and one duplex apartment with parking. The bridging loan is over a twelve month term and the exit will be the sale of the units, which will be highly sought after and will sell quickly.  Daniel Hill, Divisional Sales Manager at Roma Finance, commented: “This was a tremendous case to work on as the business plan for the property conversion into separate dwellings showed that it was a high value development with potential to be very profitable. 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. 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, said: “Thank you again to Daniel Hill and Adrian France who have both helped to facilitate a refurbishment bridge on a Malt House. Clients were very happy and as always communication was second to none.” ...

Roma Finance, the bridging and development lender, provided funding for a new build bungalow in just five days. The introduction came from Business Funding Expert who had a customer looking to acquire the new bungalow in Norwich.  Roma visited the site and saw that there was a high demand for properties of this type locally.  The customer was looking for £273,000 to help with cash flow to acquire the property and carry out some light refurbishment. On completion the property would be valued at £420,000 and sold on completion to pay off the bridge. Roma provided the funds over a nine month term and were able to complete the transaction in just five working days.  Daniel Hill, Divisional Sales Manager at Roma Finance, said: “It was a pleasure to work on this case and help a customer who needed the finance quickly to acquire this property. It’s a high quality property and the local market is buoyant for this type of bungalow so it will sell quickly and the customer will make a profit on the sale.” Gordon Duffy at Business Funding Expert commented: “When helping customers with their borrowing requirements we always say that we will look for the best deal for them.  That doesn’t equate to “cheap” but using lenders who understand the transaction, can expedite matters to meet deadlines and to work with the client to ensure everyone is happy with the deal.  I am pleased to say that Daniel Hill at Roma Finance worked his socks off to make sure the bridging facility we were arranging on behalf of our mutual customer went ahead without any issues!”...

Roma Finance acted quickly to deliver bridging finance for a customer who had been let down by another lender who took too long to issue terms and instruct legals and the valuation. The borrower required the funding to purchase a mixed-use property in Birmingham comprising a ground floor commercial unit with a flat above, both in need of refurbishment. However, as the borrower is an experienced builder they will carry out the works and already has tenants lined up for both units.  The enquiry came from Castlehill Capital on a Monday morning and Roma issued and secured a DIP for the borrower by 2pm the same day. The lawyers were able to complete the necessary paperwork and the loan was ready to drawdown just five minutes before the borrower’s deadline of 12pm on the Friday. Roma Finance provided the £86,000 bridging loan with a term of 12 months at 70% LTV. The exit will be refinancing onto a longer term commercial mortgage.  Sean Robertson, lending director at Castlehill Capital, said: “The speed with which Roma Finance was able to put all the necessary requirements in motion was astonishing. The real game-changer was getting its BDM to prioritise the case and drop everything and head to Birmingham the next day to get the client’s application completed.” George Tuffin, BDM at Roma Finance, commented: “Roma prides itself on being able to deliver on what it says it will and to lend with integrity. As the deadlines were extremely tight, having a great relationship with Sean at Castlehill enabled us to have clear direction from the outset. As we title insure most of our loans, our streamlined legal process ensured all parties were working to the same deadline for the borrower."...

Roma Finance were approached by the introducer John Charcol to see if finance could be provided for one of their customers who had a complex proposition for buying a residential property on which he already owns the freehold. The customer is a property professional who regularly buys the freehold rights to properties, then looks to buy the property as well to boost the overall value for when they are sold as freehold properties.  In this particular case, he was looking to buy a leasehold property in Solihull for £76,000 which had 83 years remaining on the lease. He already owns the freehold, valued at £43,000, so will be able to increase the value to £119,000, but the plan is also to modernise the property and then sell it fully renovated as a freehold house for approximately £140,000.  After meeting the customer and talking through the case, Roma were able to provide £89,000 over a twelve month term for the initial purchase and to fund the refurbishment. As the house will be sold when refurbished the bridging loan will be paid off with the sale.  Daniel Bowles of John Charcol said: “Samantha and Rachel, thank you so much for your help through this complex and non-standard deal. Your knowledge, guidance and attention to detail is impeccable, by far the smoothest bridge that I have completed in a long time! I will definitely be in touch when the next deal lands on my desk.“ Rachel Pollock, Bridging Specialist at Roma Finance commented: “Despite this being one of the most complicated cases I’ve worked on, the team at Roma were able to work through the issues and found a way to resolve all of the complexities involved in buying a leasehold property and turning it into a freehold house ready for sale. It was a pleasure to work with an experienced property developer who had found a niche in the market and was very successful at turning this kind of property around for a profit.”...

Roma Finance, the bridging and development finance lender, has provided bridging funding in just four days for a new build flat. The customer came to Roma via Loan.co.uk looking for fast finance to purchase a new build buy to let investment flat in Colindale, London.  When Roma met with the customer, as they do on all cases to help structure the transaction, the business plan showed good rental income and yields, with the luxury flat able to generate £1,700 per month.  The flat was also in a good location with excellent transport links around the capital, with a value in excess of £500,000.  Roma lent £356,000 in just four days, over a term of six months, with the agreed exit being refinancing onto a buy to let mortgage.  Roma has recently simplified, and speeded up, the application, valuation and legal requirements which means that most deals can now complete within just fifteen days. The new Fast Track service is offered on all cases including changes of use, conversions, HMOs, buying at auction and lending against un-mortgageable properties. Daniel Hill, Senior Bridging Specialist at Roma Finance, said: “This case highlights the need for not only speed, but delivering an excellent service to the introducer and the customer to meet their needs and deliver a positive outcome. Our new Fast Track service once again provided the required funds in just four days, enabling the customer to quickly acquire the desirable property and to get tenants in as quickly as possible. It was a pleasure to work with Loan.co.uk and we look forward to working with them again in the future.”  Aaron Noone, Regional Director at Loan.co.uk commented: “Having needed a lender who will offer the best LTV and time to completion, I was happy to use Daniel Hill at Roma. More so, as the case completed in just 4 days with no fuss. As a busy adviser with multiple transactions and a team to work with, it was a breath of fresh air to experience quality service like this. Great job guys.”...

Roma Finance, the bridging and development finance lender, has provided a loan of £1.32m in its largest ever case. The customer had already purchased an industrial building near Manchester City Centre, and had started converting the building to twenty six luxury apartments when he ran out of money. Roma Finance lent sufficient funds to pay off the incumbent lender and complete the top floor comprising six duplex flats.  Roma met with the customer to look more closely at the transaction and visited the building which is in an up and coming part of the city with easy access to the centre and has plenty of local amenities. This indicated that the flats would be very desirable for buyers working in Manchester so facilitating future sales. The customer is an experienced developer having completed a number of successful residential and commercial schemes including leisure complexes, spas and gyms. On completion it is estimated the whole site would be worth in excess of £4m. The exit to the loan was already planned for with the quick sale of a number of the flats as soon as they were renovated. Having considered these factors Roma advanced the £1.32m bridging loan in just fifteen days. Despite the case being higher than Roma’s maximum loan size of £1m, the viability of the case and the experience of the customer meant that it was a case they could lend on. Meir Peer, Bridging Specialist at Roma Finance, commented: “This was a case where the borrower spotted a tremendous opportunity in a desirable part of Manchester and beat other developers to buy the building and start to renovate it. The loan required was more than our stated criteria, but every case has to be judged on its own merits, and in this situation we decided it was a case worth lending on, with a customer who had delivered quality projects in the past. We managed to provide the funds in just fifteen days using our new and highly streamlined fast track service which is exactly what the customer wanted and he was able to continue seamlessly with the renovations after we paid off his current borrowings.” The customer commented: “Thank you for doing the deal and for doing it in the time frame you said you would. I am very grateful and I look forward to doing many more deals in the future.”...

Roma Finance, the specialist bridging finance lender, promptly provided £248,500 bridging finance to allow a developer build two luxury detached houses. The site, in Solihull, already had an old property on the land, but the developers' plans required demolishing this dwelling and preparing the land for two new builds. When Roma reviewed the transaction, introduced by Kind Commercial, it was clear that it was a viable project. The developers were experienced and had a good track record in turning around new houses from the ground up. Planning was also in place for the new properties which meant the site would be ready as soon as it was cleared. The site was available for just £355,000 with the completed new houses being valued at £1.7m on completion. Roma visited the customer to help structure the transaction and quickly saw that it was an excellent development opportunity and quickly started the process of progressing the funds. The finance was in place in just nine days, for a £248,500 loan over 12 months, giving the developer enough time to prepare the site and arrange finance ready for the build of the two highly specified homes. The exit from the bridging loan was longer term development finance with a mainstream lender. In order to complete cases much quicker than the industry average, Roma Finance engaged with introducers and deliverability, speed of completion and simplicity were given as the three most important considerations when choosing a bridging lender. As a result Roma has simplified, and speeded up, the application, valuation and legal requirements which means deals can now complete weeks ahead of other firms and introducers get their fee and commission much earlier. The new Fast Track service has quickly become Roma’s standard way of working and is offered on all cases including changes of use, conversions, HMOs, buying at auction and lending against un-mortgageable properties. Daniel Hill of Roma Finance said: “This case was well thought out by the developers and their business plan stood up to scrutiny in order for us to be confident to lend on this site. It was a viable proposal with the completed houses having a very high value compared to the cost of the site and preparatory works. As is usual on our cases, we visited the site and discussed the best way to structure the transaction with the customer. “Working with experienced professionals meant that it was a very smooth transaction. Our new Fast Track process delivered the funds in just nine days meaning there were no delays to the customer in getting started on the site. We have worked with the customer previously and look forward to working with them again on future projects.” The customer, Lee Edwards, commented: “I have used Roma Finance for the last few years on several transactions. Roma Finance’s customer service is simply the best and we wouldn’t use any other lender. Their level of service is first class and they work through the lending proposal in a very professional manner and keep things moving every step of the way, keeping us informed at each stage too. We were delighted that the bridging finance we needed was delivered so quickly.”...

Roma Finance, the bridging and commercial lender, has provided bridging finance for a customer to acquire an investment property in London. The introduction came from Monarch Sterling, who spotted Roma on twitter and were impressed with their fast track service proposition. They are a new introducer for Roma and had a customer looking to leverage the equity of one investment property to purchase another. The customer’s current buy to let property was worth £700k, and they wanted Roma to do a second charge in order to facilitate another purchase. However, after Roma met with the customer and went through the transaction, it transpired that there wasn’t enough equity for a second charge bridge to facilitate the purchase. But Roma reviewed the case carefully and were able to provide a loan of £543,000 over six months which allowed them to take the first charge out and still provide the customer with sufficient funds to complete the purchase. The customer would then refinance to a longer term loan to exit the bridge. There were obstacles along the way, such as language barriers, change of solicitors, and even the customer’s solicitors sending the original documents to the wrong firm, but Roma still managed to complete on the due date. Dan Hill, Bridging Specialist at Roma Finance, commented: “This was a very interesting case to work on and despite some challenges along the way, we were able to lend the amount required in the requested time frame. It’s also very pleasing that our service message was spotted on social media and an initial enquiry led to us completing our first case for a new introducer.” The introducer, Seun at Monarch Sterling Finance, commented: “It was great working with Roma. They simplified the process and made things quick and easy for our clients.”...

Roma Finance, the specialist bridging lender, has provided funds for completing a variety of holiday let accommodation and new state-of-the-art equestrian centre after the customer had been let down by another lender at the eleventh hour. The introduction came from Positive Lending, who had heard about Roma’s Fast Track process whereby most deals complete within just fifteen days. This case was completed in just eight days. To ensure the case was funded within the timescale Simon Micklethwaite, one of Roma’s BDM’s, met the customer at the property the day after the case was agreed. The site comprised a bungalow, three cottages, seven holiday flats and 33 acres of land, so there was ample security and to cover payments with holiday let income. The value of the completed centre will be £3.5m. The bridging finance will help deliver a new purpose-built indoor arena so the centre can operate all year round. Looking at the breakdown of the transaction, the borrowers needed to redeem an existing first charge with a High Street bank. A further £500,000 was also required to complete the residential properties and build an equestrian centre and to provide enough working capital so the business could produce a set of accounts to help with a refinance exit strategy. Roma quickly agreed a bridging facility of £874,500 over 12 months. In line with Roma’s new faster service process, the funds were delivered in just over a week from when the borrowers paid the valuation and Roma’s legal fees. Commenting on the case James Oldham at Positive Lending said: “Roma was exceptional in service and speed to get my client’s loan funded. Daniel Hill and David Watkins stayed in contact daily with me (the broker) and the client to ensure that everyone knew where we were at every stage. The client could not be happier and nor can I, thank you.” The borrower commented: “Having been let down by another provider only days before delivery of our steel structure, Roma Finance stepped in to provide the bridging finance we needed. Within two days the case was agreed and a BDM travelled to the property to help understand the transaction. Only eight days after the original enquiry the funds were paid into our account. The new Roma Fast Track process really helped us. The underwriter was always available to discuss the case and the support from the business development team was excellent. Without the speed of turnaround we would have suffered months of delays as the whole delivery and construction window would have been lost, not to mention the manufacturers problems if they weren’t paid!” Roma Finance’s managing director Scott Marshall said: “I’m delighted that the transaction went smoothly and a satisfactory customer outcome could be achieved in this case. Our new Fast Track process helped deliver the bridging funding needed much to the delight of the customer and the introducer. Visiting the site and fully understanding the transaction is a vital part of our new process and this helped to speed up the quick decision making needed in cases such as these, where another lender pulled back from the case at the last minute. The business owners are experienced in this area and I’m sure they will make it a success.”...

Roma Finance, the specialist bridging finance lender, moved quickly to provide funding for a family to purchase a land mark pub in West Yorkshire to operate their family business from. The pub was to have change of use as the family found it to be the ideal property in order to run their business, a bathroom company, interior design and a tea room! The customer needed the money quickly to ensure they didn’t miss out and Roma were able to provide the £200,000 bridging facility in just 14 days. The loan was over nine months, with the exit being refinance to their existing bank. With the customer being new to bridging finance, Roma Finance helped them every step of the way to ensure they fully understood the transaction and to move all the required documentation along as quickly as possible. They had a dedicated BDM who also visited the customer and the property to help explain the finance and to make sure the loan was progressed as quickly as possible. Simon Micklethwaite, BDM at Roma Finance, commented: “Working with a customer who was a first time bridging finance user, I was their dedicated point of contact for their bridging finance requirements in order to facilitate a fast turnaround. The pub was a very viable change of use project and was just what the customer wanted to run their family business. The customer was delighted with the speed at which the finance was delivered and they were very pleased with the high level of service myself and the team at Roma provided at each stage of the process.”...

Case File:

• Borrower owned a family-run nursing home worth £1.7m
• Planned to change business model from residential to domiciliary care, releasing the property for development
• Already had a positive pre-app for conversion to two detached houses
• Another major bridging lender couldn’t get their act together on time
• Roma Finance lent the borrower £500k in one payment on a second charge to undertake the works
• Once converted the two properties will be worth £3.2m

Roma Finance, the specialist bridging finance lender, has financed the conversion of a family run nursing home into two luxury detached houses. The applicant was a successful businessman having run the nursing home at the premises for more than 20 years. With increasing regulation in the nursing home sector, the borrower’s shrewd business plan was to use his experienced nursing home staff as domiciliary care workers, visiting patients in their own homes, and as the property became vacant, converting it into two individual luxury detached houses. The main part of the property was adjoined by a walkway to a large extension built in the 1980s, making the nursing home a substantial building. By removing the walkway between the two buildings, refurbishing the inside of each and creating separate access from the road with attractive landscaped gardens front and rear, the properties would be among the most desirable and modern in the area. On initial inspection by the local planning department, the borrower had been able to get a positive pre-app that planning for the conversion would be granted. Roma’s introducer had originally been working with another major bridging lender, but decisions weren’t happening quickly enough with restrictions put on the project that funds would have to be released in stages. This approach wasn’t necessary as there was sufficient equity in the property to enable funds to be released on day one thereby ensuring the conversion works would be completed as quickly as possible, once full planning had been granted. In stepped Roma Finance, who, after assessing the case and meeting the borrower face to face, offered the full £500,000 in one sum and the transaction was completed inside a week. Commenting on the case Roma Finance director Scott Marshall said: “With such a credible and experienced borrower who already owned the property for more than 20 years, it was clear from the outset that the business plan to change the focus of their care and to free up the magnificent property to convert it to maximise its potential on the open market, was viable and achievable. “Being a local businessman, the borrower knew the property market well in that area and turning a large nursing home into two separate dwellings showed a high degree of commercial acumen with clear objectives, which could yield a profit of around £1m.” The borrower commented: “I have taken bridging loans out for property transactions in the past, so I’m an experienced borrower. Roma Finance acted promptly and professionally throughout the whole loan process, with positive and focused contact. They were very straightforward to deal with and I always knew where things were up to.  A pleasure to do business with. I even voted for them recently in the Financial Reporter Awards as Best Short Term Lender and was delighted to hear that they were Highly Commended. In my opinion, richly deserved!”    ...

Case file:

• Borrower required £400k to exit a bridging loan from another lender
• Property worth £700k and let to 5 separate tenants
• Roma researched HMO licensing in the London Borough of Southwark
• Borrower will require a licence early in 2016, but granted a grace period
• Roma met borrower twice in London to finalise the transaction details

Roma Finance, the Manchester-based bridging and development lender, has succeeded in lending £400,000 over 6 months with a five day completion to a borrower to repay an existing bridging lender to give them more time to find low cost longer term finance. The borrower’s discounted rate with their existing lender had come to an end but she wasn’t in a position to redeem their loan. As is the case with all their borrowers, Roma Finance met theborrower to get an understanding of their situation and how best to structure the loan in order to ensure that the borrower could successfully repay Roma Finance’s loan within the required timescale. The security property comprised a South London mid-terrace Victorian BTL residence worth £700,000, currently let to five separate tenants on Assured Short Term Tenancy Agreements. In order to help the borrower secure an exit from their bridging loan, Roma Finance researched the requirements for HMO Licenses in Southwark and found that from January 2016, the property would require a license. Therefore as part of the re-bridge, the borrower agreed to apply for a licence within three months of the new loan completing in order to help her obtain a low cost BTL mortgage. Scott Marshall, Operations Director at Roma Finance, said: ”Re-bridging other lenders loans has become quite a popular way of providing a borrower with more time to resolve their bridging finance debt while still benefitting from the speed and advantages of short term finance. “As usual we went above and beyond what is normally done by a lender to complete a loan, by not only meeting the borrower but also by researching the HMO regulations to help the borrower obtain an exit from our loan. That’s the Roma Finance way.” The borrower was introduced to Roma Finance by Geoff Platts of Lerwick Group, who commented: “I knew Roma were potentially the right lender to look at a re-bridge case such as this. They were fast, with a five day completion and still took the time and trouble to assist the borrower with valuable HMO licensing information that helped seal the deal. Roma Finance delivered the solution, much to the delight of the borrower.”...

Roma Finance, the Manchester-based lender, recently came to the rescue of the Finance Director for a well-known blue chip company who had been badly let down by one of the UK’s major building societies when they pulled the plug on a self-build mortgage. The borrower was looking to buy a derelict barn for conversion into a highly specified luxury home in a beautiful setting in rural Worcestershire which would be worth over £1m on completion. The borrower, a former British international horse rider, was looking to add an equestrian centre with separate groomsman’s residence set in over 8 acres of land. Roma Finance had initially provided a £210,000 facility to cover the site acquisition and the building society had agreed to fund the project. When the news came, just prior to the expiry of the loan, that the building society was pulling out of the self-build mortgage market, Roma Finance quickly stepped in and agreed to fund the entire £500,000 scheme and 100% of the build costs. The construction took eight months and the borrower was then able to obtain a mainstream mortgage to exit the bridging loan. Scott Marshall, a director at Roma Finance, said: “This was an example of Roma Finance getting under the skin of the overall project rather than just looking at one aspect of the case. It was clear to us that since the property was being bought at a favourable price and that both the development and on-going business were viable, it was a development we could fund. In addition, by building a strong understanding of the borrower’s knowledge and vast experience of the equestrian industry, we were certain she’d make a success of the project and we were able to lend quickly where others had hesitated.” The borrower commented: “Roma Finance provided a bespoke solution to enable us to purchase a great investment opportunity at a special price if we could complete quickly. They invested a great deal of time to ensure the loan was tailored to suit our specific requirements and completed to the vendor’s deadline, and ours. We could not have built the barn without their support for which I am very grateful. Many thanks.”...

Case File:

• Clients comprised of a team of experienced builders and BTL landlords who saw an opportunity for HMO accommodation
• Sourced 3 vacant ex-public houses for change of use
• The 3 pubs will be converted to provide in total 54 rooms
• The 3 properties were in an area where there is a significant shortage of accommodation
• Roma Finance provided £240k over 12 months for the purchase and renovation works

Roma Finance, the bridging and development finance lender, helped two Midlands based property entrepreneurs purchase a string of pubs in the Lake District to convert to Houses in Multiple Occupation (HMOs). The clients saw a gap in the market when they learnt that there is to be increased investment in the area and were looking to acquire the pubs in order to satisfy the increasing demand for rooms from contract workers. The business partners completed their research and found three former public houses that they planned to convert. One is to be a twenty six bed HMO and the other two will both be fourteen bed HMOs. HMOs are well known to offer the potential of higher rental yields and the clients did their sums to make sure they were viable. Although the pubs were structurally sound they were not in good condition and due to the nature of the project they needed a specialist lender that could deliver the finance they needed within a short time frame for the refurbishment and change of use building works. The client’s introducer put them in touch with Roma Finance who specialises in financing the renovation and conversion of property to other uses by landlords, businesses and property developers. Roma Finance met the entrepreneurs to understand their project and plans for the properties. After hearing of their experience and well thought out plans for the pubs, three separate loans were agreed – one for each property – totalling £240,000 over twelve months. The exit will be a commercial re-financing of each of the properties once they are converted and up and running as HMOs. Scott Marshall, Operations Director at Roma Finance, said: “This was an exciting case as it’s always a pleasure to work with clients who not only have vast experience in converting property but also did their sums to make sure the yield calculations were favourable too. It was also a pleasure to see unused buildings, in this case pubs, being brought back to life with a positive change of use that will help the growing workforce and the local community.”...

Case File:

• Borrower needed £70k over 6 months
• The local Post Office had recently closed
• Farm shop and 4 acre plot valued at £140k
• Bridging loan used for expansion and buying opening stock for the business
• Borrower will exit the bridge by moving home to raise the capital
• Borrower now looking to raise funds via Enterprise Investment Scheme (EIS) to relocate Post Office to a central village location

Roma Finance acted quickly to help a borrower save a Post Office near Glastonbury which had closed down due to the owner retiring and the borrower wanted to reopen it as part of his thriving farm shop business. Alerted to the situation by a new introducer, Roma Finance met with the borrower to discuss the bridging finance needed to reopen the Post Office and the business aspects of the case. The proposal was to relocate the local Post Office to the borrower nearby, popular farm shop, and the bridging loan of £70,000 was to cover property alterations to the shop to accommodate the new venture and to provide finance for opening stock. The farm shop was used as security for the loan. It was on four acres of land, and was valued at £140,000 by a local chartered surveyor. To exit the bridge, the borrower would take the proceeds from the sale of his main residence which was on the market for £800,000. The borrower was to move to another property in the village. The borrower is also looking to raise money via an EIS, which offer favourable tax allowances for investors, to fund relocating the Post Office to a more central village location. £80,000 has already been raised and they now just need another £150,000 to put the Post Office back in to the heart of the community. Commenting on the case Daniel Hill, Lending Manager at Roma Finance, said: “This was a complex case to work on but as the ultimate goal was to help continue a vital Post Office service to a community, it was a very worthwhile one. The borrower had a proven local business with a farm shop that had been trading successfully for eighteen months and when the Post Office closed down, took it upon himself to arrange to transfer it over to his nearby shop. There was plenty of equity in the farm shop and land for the loan, and with the sale of his house he had a planned exit route too. “This is one of those cases that only happen every so often and to help a local community is an added bonus for all involved in the transaction.”...

Case File:

• Borrower’s father bought residential investment property from his father who fled abroad with £500k
• Borrower’s father left with a £300k mortgage and realised property didn’t have planning permission for residential use
• A sale was agreed at £380k without residential planning but fell through because the bank refused to give a redemption figure as their mortgage book was being sold
• Father stopped paying mortgage, the bank froze his accounts and he was declared bankrupt
• Following a super compliant which went to the Bank’s CEO, an agreement was reached for a sale to proceed at £135k with no further obligations
• Roma Finance met the borrower and quickly agreed a bridging loan for £120k over 6 months

Roma Finance, the Manchester-based specialist bridging lender, were able to resolve a difficult and complex case involving three generations of a family and a dispute with a major UK clearing bank lasting several years. The case was introduced by John Waddicker at Positive Bridging Finance. Previously other lenders had not been able to assist the family, but Roma Finance agreed to take a closer look to see if they could help. It all started with the borrower’ grandfather selling his son, the borrower’s father, a residential investment property for £500,000 in 2006. The son, believing there would be no issues with the purchase, didn’t carry out any searches and took out a mortgage with a major UK clearing bank for £300,000. Almost immediately after the sale went through, the grandfather disappeared, leaving our borrower’s father with a property which didn’t have planning consent for residential occupation. After several years of trying unsuccessfully to sort out the planning, our borrowers’ father agreed a sale without planning for £380,000. However, the sale fell through because the bank refused to provide a redemption figure as they were trying to sell their loan book to another major UK bank. The father, by now completely disgruntled stopped paying his mortgage. In response, his bank account was frozen which resulted in him eventually becoming bankrupt. Following a lengthy complaint procedure which went as far as the bank’s CEO, the father reached an agreement whereby he could sell the property for £135,000 and release himself from any further obligations. In addition, he had also reached an agreement with the local planning department to obtain change of use to residential. Our borrowers, the father’s sons, committed their life savings of £15,000 as part of the transaction. Roma Finance was able to confirm the story was genuine, agreed to fund £120,000 towards the sons’ purchase and a further advance once residential planning consent had been obtained. Once the change of use had been obtained, the borrowers paid off Roma’s bridging loan with a buy to let mortgage through another High Street bank. Scott Marshall, director at Roma Finance, commented: “By meeting the borrower we were able to get a complete picture of what had happened from the beginning of the father’s journey with this particular property. We made sure we took the time to understand each step and why events had turned out the way they did. This is the Roma Finance way. Despite the many difficulties encountered, we were able to confirm the family’s story and provide a bridging loan for them to release the family from the relationship with their bank, whose actions were beyond reproach.” John Waddicker, Director at Positive Bridging Finance, said: “This was one of the earliest cases we gave to Roma and it really demonstrates their pro-active approach. They do what they say they are going to do, they do it quickly and by meeting the borrower, they were able to get under the skin of this complex transaction. Following this and other successful payouts, they’re now a preferred lender of ours. I can see Roma growing from strength to strength in this marketplace. Scott and the Roma Finance team have a great pedigree which gives me a good deal of confidence in them.” Because of the nature of this particular case, the borrower has requested anonymity, but one of the sons commented: “Everything went smoothly with our transaction and it was a pleasure to work with Roma Finance. Hopefully we will get a chance to do some more business in the future.”...

Case File:

• Borrower had agreed a debt forgiveness deal at the start of May and had to repay by Friday 29th May 2015
• Roma Finance was contacted on Wednesday 27th May because the borrower had been let down by 2 other lenders’ slow credit process 
• The borrower required £365k otherwise the debt would have reverted back to £750,000 Roma Finance met the borrower, spoke to the valuer and completed all the legal work within 48 hours
• Roma Finance, the Manchester-based specialist bridging lender, met an extremely tight deadline to save a borrower almost £400,000 in a complex debt forgiveness case, when a borrower found themselves let down by two other lenders.

During the borrower meeting on Wednesday evening 27th May, Roma were told how the original mortgage was miss-sold as unbeknown to theborrower the bank had sold them a £750,000 hedged foreign exchange mortgage product on their two buy to let properties. The borrower needed to pay off the bank who owned this debt and had been to two other lenders who promised much but delivered little and time was running out. The borrower only had until 4pm Friday to repay the bank £365,000 or else the debt would go back to £750,000. The clock was ticking. The valuations on the 4 properties had already been done and because of this we knew they were good security at the right amount. The solicitors were instructed first thing Thursday morning and to the borrower’s delight Roma Finance released the funds on Thursday afternoon in readiness for completion on Friday morning. Scott Marshall commented: “Meeting the customer was critical to this deal and that discussion helped us understand the background & dynamics of the transaction. The borrower had owned the properties for nearly 10 years and they represented good security, so I was happy to progress the case in order to meet the tight deadline. The borrower, who had a strong profile, had agreed a debt forgiveness amount with the bank and had a good strategy for exiting our bridge. “It was then a case of going flat out to meet the deadline, using the slick processes we have and our trusted legal partners who worked incredibly fast, I liaised with the bank to put us in the position of being able to lend and at the same time save the borrower almost £400,000. This case shows the importance of meeting every borrower and looking at every case from every angle to get the deal over the line. This is the Roma way.” Because of the nature of this particular case, the borrower and broker have both requested anonymity, but separately commented: The borrower, Mr G emailed: “Thanks all for all your hard work over the last couple of days. Romadiscussed the case late Wednesday then delivered to plan. Great stuff chaps. Well done.” The broker said: “I would like to thank Roma Finance for arranging this bridging facility in 48 hours after we were badly let down by one of the larger bridging lenders. The service my borrowers and I received was excellent and I am very pleased with their whole attitude to conducting business professionally and efficiently. This is how it should be and I’ll surely will be using your services again in the future. Keep it up.”...

Case File:

• Borrowers had a bank halt a major project during the credit crunch in 2008
• Were successful property developers but needed finance for a new build project of a 3,000 ft2 house
• Roma Finance provided a £235k bridge over 6 months to release bank charge so project could start
• Plot of land for new build on the estate worth £250k
• Cottage in grounds also worth £250K

The credit crunch came quickly and unexpectedly and many experienced property professionals were affected.  Having had a string of successful developments, the bank pulled finance on a major build in 2008 and these borrowers lost a significant amount of money and their credit profile was severely affected. When Roma Finance met the borrower to review the proposal, they owned an estate comprising a main residential property and a separate cottage sat on over an acre of land. The primary residence was worth £600,000 but this had a mortgage on it of £600,000, a £50,000 second charge and 5 equitable charges on the title. The plan was to partition the land so that it could be sold with planning for a new 3,000 sq ft house. The building plot with planning permission was worth over £250,000 and the sale of the plot would be used to exit the bridge. Once sold, phase two will be to extend and renovate the cottage so its value could also be maximised. After fully reviewing the proposal and the opportunity to repay loans and restore the borrower’s credit profile, Roma Finance provided a £235,000 bridge over 6 months to release the second & equitable charges on the property & repay a substantial element of the residential mortgage, allowing Phase 1 of the project to get underway. Scott Marshall, Lending Director of Roma Finance said: “This case highlights the benefits of the way Roma Finance does business, meeting every borrower and fully understanding their property experience and their plans. Many experienced people were affected by the credit crunch and, through no fault of their own by banks pulling the plug on projects, found themselves with good long term assets but also some debts they found difficult to reconcile. Having worked closely with this borrower, they have demonstrated their experience and we will now back future developments. “In fact we are already discussing the next project which focuses on extending & renovating the cottage on the estate. This is worth £250,000 now, but valued at £500,000 when refurbishment works are completed, so we are pleased to have turned the situation around for this particular borrower” James Hardwick of Charleston Financial commented, “We’ve been working with Roma Finance for a while now and this case is yet another example of how they look at deals differently from other bridging lenders.  These were entrepreneurial borrower with a strong background in development.  The case was approved within 24 hours of the Borrower Visit and funds were released 7 days later.  A great service once again.”...

Case File:

• Tudor mansion in Chester nestling in 3.5 acres of land
• Borrower bought for £715k but bank couldn’t act fast enough
• Roma Finance provided a £300k bridge over 6 months
• Mansion to be converted to 18 self-contained highly specified apartments
• 3 cottages in the grounds to be renovated and sold at £200k each
• Roma Finance also provided £50k bridge in stage releases for cottage renovation works

Nestling in 3.5 acres of landscaped gardens and with three cottages ripe for renovation, the Tudor mansion was bought by a borrower for £715,000. Once owned by well known Cheshire family and more recently used as a care home, the borrower aimed to convert the property into 18 flats finished to a very high internal specification. Three cottages also came with the development and the borrower realised that for a small cost, they could be renovated and converted to highly desirable residential houses. The borrower needed to move quickly to secure the property, but after extensive negotiations with his bank, they just couldn’t deliver the finance in time. That’s where Roma Finance stepped in. They visited the property and met with the borrower to fully understand his plans for the mansion and cottages and quickly realised the excellent potential of the project. It was agreed to structure the bridging finance over two separate loans for each of the buildings. For the Tudor mansion a bridging loan of £300,000 was provided over 6 months. For the cottages a loan of £50,000 was agreed, to be paid in stage releases as the renovation works are completed. When checking the local property market, the borrower and Roma Finance realised the cottages once refurbished could sell for £200,000 each, providing funds required to exit the bridging loans. This would mean that the mansion would then be unencumbered, and as there is plenty of land, the future plan is also to cordon off 1.5 acres and sell or build on it for further gains. Scott Marshall, Lending Director of Roma Finance said: “This case shows how we can quickly understand all the aspects of the case and see the big picture and future potential in a development. With multiple properties and spare land to develop further it was very exciting to work with an experienced borrower to bring the property back to life and help him reach his goals, particularly when the mainstream bank couldn’t deliver in the timescales needed. “All aspects of this case stack up to a terrific development which can deliver returns for the borrower quickly to exit the loans and provides the opportunity for even more profit by building on the land currently not used. “We are already discussing working with the borrower again for this and other projects.”...

• Roma Finance provide £429k for site with planning for four houses
• Agreement in Principle issued within 1 hour
• Staved off the site being repossessed by another lender
• Complex case with 2 Intercreditor Deeds & 5 debenture holders involved
• Loan introduced by Intelligent Loans

Roma Finance acted quickly to help a borrower who found themselves in a difficult situation with time running out. Despite the case being a complex one, Roma Finance’s experience and expert knowledge of development and bridging finance meant that they were able to complete a complex case and provide funds in just 5 working days from the initial enquiry. Having received the case from Intelligent Loans on the afternoon of Tuesday 3^rd February, and discussing it with the broker, an Agreement in Principle was issued within the hour for a £429,000 first charge bridging loan. The borrower accepted the in-principle terms on Wednesday 4^th February and Roma’s solicitors were verbally instructed the same day.  The case would have completed even more quickly if the borrower would have instructed his own solicitor earlier than Friday 6^th February! As with all Roma Finance loans, a borrower meeting was held, and this was promptly arranged on site for Thursday afternoon 5th February. The site was as described a very well located plot in a much sought after part of Cheshire with planning for four houses. It was clear from the site visit that the site had excellent potential and the houses to be built would be highly desirable for families in the area.  Despite the threat of repossession of the site by another lender, Roma Finance could see the potential of it and having met the borrower had confidence in the case. By 8am on Friday 6^th February, the loan was approved on the terms of the original in-principle agreement and funds were transferred to Roma’s solicitor for completion on Tuesday 10^th February. Scott Marshall, Lending Director at Roma Finance said: “This was a complex case involving 2nd and 3rd charge holders and Letters of Non-Crystallisation from 5 other debenture holders. And, with the borrower facing repossession of the site, time was of the essence. Using our experience and judgement, we were also able to rely on an historic valuation and of course a site visit, which we do on all our loans to better understand the borrowers’ situation and bridging needs. It was very satisfying to complete such a complicated loan so quickly. “Once again we worked closely with Intelligent Loans, one of our broker partners, and the good business relationship we enjoy helped to ensure the borrower got the funds required in time for them to refinance the other lender and able to move forward with their development project.”...

• Borrower needed funding to renovate a unique property
• Roma Finance lent borrower over £200k to help complete the renovation
• Funding also provided to property developer for refurbishment works and to pay off previous lender
• Property will be worth £700k and finished to high specification
• Roma Finance discovered a discrepancy in the planning permission missed by previous lenders which would have rendered the property unsaleable
• Packager Intelligent Loans introduced the case

  Roma Finance, the Manchester-based bridging finance lender, has successfully lent over £200,000 for a borrower to refinance and renovate a property in an historic and desirable village in Gloucestershire. The property is a 3 storey, 4 bedroomed house which had been in the same family for over a century. It was already worth over £400,000 in its dilapidated state, but will be worth around £700,000 when completed and prepared for market. The case was presented to Roma Finance by the packager Intelligent Loans, and £320,000 was already owed to another lender. The £200,000 was used in part to pay off the other lender, and the borrower entered a JV with a reputable local property developer for the remaining funds to complete the building works. As Roma Finance were underwriting the case it became evident that the borrower hadn’t implemented a previous planning consent correctly. This would have left the borrower with a real problem had it not been highlighted as it would have left them with an unsaleable property.  Enquiries were made with the local authority and it was agreed that as a condition of the loan, the borrower would re-submit for the correct planning consent within 20 working days of completion. The borrower intends to sell the property to pay off the bridging loan and should be left with a healthy surplus as the property is highly specified in a much sought after village location. Scott Marshall, Lending Director at Roma Finance commented: “This case really demonstrates our individual approach to property bridging finance. Firstly, in order to enable the borrower to pay off their previous lender and renovate the property we entered into two funding arrangements. One with the borrower and one with a property developer who funded the works. “Secondly, we noticed a discrepancy with the planning consent. This could have caused real problems for the borrower and the incumbent lender, but we were able to recommend a way for it to be resolved, which didn’t impact on the security of the loan,  and will clearly benefit the borrower and the developer as the property should be much easier to sell once the renovation has been completed. Not all bridging cases are the same, and this case shows that it’s important to have the expertise and experience to properly review and progress cases that aren’t always as straightforward as they at first seem.” Tom Hill of Intelligent Loans (www.intelligent-loans.com), commented: “Roma Finance have always provided excellent customer service and once again did not disappoint. I was approached by a new introducer with a case that had gone around the houses with no packager or lender being able to complete the loan. The team at Roma Finance discussed the borrower’ situation in great detail and offered scenarios where they could resolve the issues other lenders couldn’t. Their flexible and common sense approach to lending is a breath of fresh air and regularly wins them deals over other bridging lenders.”  ...

Case File: The borrower wanted to purchase a 5-bed detached executive home for conversion to a day nursery. Other lenders had turned the case down as planning permission for the conversion to a business hadn’t been granted. However, Roma Finance met the borrower and discussed in more detail their business plan - with or without planning permission. The detached house was worth £610,000 on the open market and it had an indoor swimming pool, which would be used to provide swimming lessons, paid for separately to the day nursery. With borrower only requiring £375,000 the LTV was easily acceptable. Also, the borrowers already ran another day nursery so they had experience of running a successful business in this market.

• Funding needed for a detached house
• Planning submitted to run a day nursery
• If planning not granted borrower had a viable backup plan
• With low LTV and business potential, Roma funded £375k

During discussions it became apparent that behind the house a development was underway on a new housing scheme, with 5,500 new family homes being built, an ideal target audience for a day nursery, which when built would significantly increase the value of the business. By digging a little deeper in to the way the business was going to be run, with two income streams (from the nursery and swimming lessons), and a ready made market with the new housing development, Roma Finance then discussed with the borrower the possibility of planning not being granted. The borrowers clearly demonstrated they had thought this possibility through too. The backup plan was to start a child minding service from the property, which didn’t require planning permission. The business model still provided a suitable income as it could still be supplemented by offering swimming lessons to local children as an extra income stream. With a thorough understanding of the borrower’s plans and opportunities whether planning was granted or not, Roma Finance provided the £375,000 requested. Scott Marshal, Director at Roma Finance said: ”Because we like to get to know how a business is going to operate and any fall back options, we were able to provide the funding where other lenders hesitated. Obviously planning permission is vital for any business, but as the borrowers had a second business model based on not getting the permission, this made our decision a lot easier. Also, with a second income being derived from the swimming lessons, sufficient income was going to be generated to cover the loan payments. “I’m pleased to say that although the planning application is still in progress, staff have been recruited and the child minding business is about to start. Because Roma Finance looked closely at the big picture and didn’t get hung up solely on the planning angle like other lenders, we have helped a worthwhile business get off the ground.” The borrower will refinance the bridge on a longer term mortgage once either of the two strategies has been proven....