Roma Finance was delighted to provide a bridging loan of £1.85m in our largest ever case.
The loan was for Arcot Grange Developments Ltd, to acquire a partly built residential site in Cramlington near Newcastle. Arcot were the contractor on the site and had the opportunity to buy it, which they did with the funding from Roma.
The loan assisted in the purchase plus gave funds to finish off three high quality barn conversions. There are also seven building plots on site, which Arcot intends to build out and sell in the future. Current value of the site is around £3m and GDV £4.75m. The exit route for the bridging loan will be
from the sale of the barn conversions.
Chris Blackwell, Business Development Manager at Synergy Commercial Finance Ltd, said: “As I’m sure you’re aware, we’ve recently completed the facility for Arcot Grange Developments Ltd so thanks for Roma’s assistance on this one. It was a great deal for all concerned and a great outcome for the client but as usual, these things are never straight forward!
“I just wanted to highlight the service and professionalism of both Simon Micklethwaite and Samantha Williamson who were key to the whole process.
“Simon has been, and continues to be, my main point of entry to Roma in the first instances of a deal, advising me of the art of the possible on what Roma will and won’t do! Nearly all BDMs I interact, whilst pleasant, are chasing enquiries, deals, progression – often chasing for chasings sake quite frankly. Simon is different however, allowing a level of maturity that the relationship is a strong one and that I can be trusted to do my job of getting the deals progressed. We keep in contact regularly but at no point does he come across as trying to force deals through or push things forward at anything other than their own pace. I would have expected a level of ‘desperation’ (probably the wrong turn of phrase) given the debt quantum involved in this transaction but Simon treated this deal like any other; progressing cases where appropriate and smoothing the process where possible. Whilst Simon’s approach is to treat everyone like adults, it is quite refreshing in an industry which works on pressure and overbearing contact.
“Samantha was the senior underwriter on this transaction and quite honestly, without her input, the transaction would likely have failed in the early stages given the several different guises the transaction took along the way. Her knowledge is second to none, but similar to Simon, acts with an air of confidence and calmness, rarely seen in the industry at present. Samantha found a way to do the deal rather than looking for ways to decline (I’m sure she could have easily found several in the early stages!). She gave regular updates where applicable, liaised with all parties and kept the transaction ticking along towards eventual completion.
“Both Simon and Samantha are a credit to Roma and the industry as a whole and deserve any and all plaudits they may receive from the completion of the facility, this testimonial or any other positivity which may arise from this situation.
“Whilst I did not need to send this testimonial as I’ve made my feelings known to Simon and Samantha individually, far too often only the negatives are often highlighted but in this instance it is very much the positives which need to be celebrated!
“I look forward to many future deals with Simon, Samantha and Roma – thanks for your support on this one and I look forward to many more to come!”