- Borrower paid £750k for building comprising 6 apartments
- Developer will see a healthy profit within 6 months following a partial refurbishment
- Loan completed in 2 days
A savvy property developer snapped up an historic building in a Yorkshire seaside resort with fast funding and expert support from Roma Finance, the Manchester-based bridging lender.
The freehold property comprised six large luxury apartments in a tranquil setting close to the sea in a traditional holiday town. The finance was needed in order to acquire the building within a particularly restricted timescale insisted upon by the vendors, with exchange taking place late on Christmas Eve.
On a previous project, the borrower had been disappointed by another bridging lender’s somewhat ponderous responses; after being recommended to use Roma Finance by his solicitor, the matter moved forward extremely quickly.
Roma received the initial call from the London based borrower at 5pm one evening and immediately arranged a meeting for the following morning at 7am. Given the urgency of the transaction, the borrower paid Roma’s valuation and legal fees at that meeting and Roma immediately issued instructions to their valuers and solicitors.
The loan was over three months and completion of the agreement took place just two days later. Following completion of the purchase, six new long leaseholds were created and the apartments placed on the market early in February and three have already been sold (STC).