- Loan amount: £440,000
- Day one funding: £127,500
- GDV: £950,000
- Term: 15 months
Roma Finance was approached to support a property developer, who required funding to assist them with their first ground-up development of two 4-bed detached houses.
The borrower is an experienced property developer and has a strong portfolio of completed refurbishment projects. This project was the first addition to the ground-up development portfolio and had a full professional team behind him to achieve it.
Due to global supply chain challenges, the borrower was faced with many issues obtaining materials for the development. In order to maintain the build programme, they proactively researched various options outside of their usual supplier network and sometimes drove far distances in order to personally collect the supplies needed and for the project to continue.
Both dwellings were built to look identical externally, but have been given different personalities with the chosen interior. They are now complete with EPC ratings of B, with the potential to improve to an A.
Our customer commented “Roma have been a great partner in this development, from their practical approach during some difficult times in the industry to their good communication and reliable team. I can’t think of anything they could have done better and I really recommend them. I look forward to working with them again in the near future.”
Vicky Gregory, Portfolio Manager at Roma Finance also added “It’s been a great experience helping our borrower achieve their first development project and has done a fantastic job in doing so. They have been very proactive and efficient with this project and has always been on the ball when it comes to providing the QS with cost of works and schedule of works, in order to release required drawdowns – they are a pleasure to work with! We look forward to seeing what future deals come Roma’s way and assisting them with their expanding portfolio!”
The intended exit is the sale of both properties.