Roma Finance, the bridging and development lender, provided funding for the development of a stunning two-storey detached property.
Referred from one of our trusted funding line providers, Cambridge Building Society, the customer, who had previously completed two other projects, was looking for £305,000 to provide 100% funding towards the build costs of a two-storey detached house on a plot of land to the rear of their residential property.
The plot of land was sectioned off with plans for a single dwelling to be built with its own access to the road via a driveway running down the side of the existing property. Roma provided the funds over a 12 month term with the planned exit being sale once the property had been completed.
The customer had hoped to complete the project in nine months but delays had been caused by COVID restrictions and the closure of building merchants.
The term was extended and once the property was wind and watertight, Roma worked with the customer to flip the project onto a bridging loan. This enabled them to repay the extended development loan and provide additional funds to finish off the works to the property, bringing the total loan to £429,000.
Mark Pretty, Asset Manager for Roma Finance said, ‘’ The new build is a magnificent property built with love and careful attention to detail. The fact we had the new build and residential properties as security enabled us to increase our initial loan to allow completion of the new build. The builder has been excellent and they have monitored the project exceptionally. It would be a pleasure to work with this customer again and again.’’
Our customer, Denise Aston commented, “Roma Finance were recommended to me to help finance my ’new build’, they have been flexible and friendly in their approach, and I have felt that they have supported me through the whole process. The site visits have been friendly and informative – and through Marks own experience, I have very good impartial advice.”
The Gross Development Value of the new build property is £675,000 and a sale has been agreed.