The well-proportioned Georgian property in a picturesque setting was acquired from the mortgagees-in-possession and fortunately part of the work had already been done by the previous owner.  At the time of purchase, five of the six apartments were tenanted and those tenants were given notice on exchange of contracts, so that vacant possession could be obtained shortly after completion.

Commenting on the case Roma Finance director Scott Marshall said: “This is a good example of a borrower spotting a brilliant property project and buying it quickly to maximise the opportunity. By doing this he gave the project a much higher yield and made the business plan work out very much in his favour.  This is only the first of many projects we are likely to do with him. We had to pull out all the stops to get the case funded quickly, but with our expert team which included our valuers and solicitors, we were able to provide the funds needed within 48 hours.”

The borrower commented: “Roma Finance restored my faith in the bridging sector by acting quickly and in a very professional manner.  I was particularly impressed that the Agreement in Principle was issued within an hour of them getting the basic information about the property and project.

“I was delighted at the way Roma took a genuine interest in the project and, furthermore, completely understood my plans and income projections for the building. The finance was completed in double quick time which ensured that I was able to comply with the vendor’s timetable. I would certainly not hesitate to use them again on my future projects.”