- Loan amount: £215,000
- Day one funding: £99,000
- GDV: £550,000
- Term: 12 months
Roma Finance was approached to support a property developer who required funding to convert an old barn into a 3-bedroom detached property.
The borrower, who is an existing Roma customer, is also an experienced property developer with a strong portfolio of development projects.
The security is situated on the outskirts of the South Wales coast and comprises of a detached traditional stone barn in a courtyard setting, with the intention of converting it into a two-storey, modern, and luxurious residential dwelling.
They purchased the old barn for £198,000 with planning permission, however, there were some conditions that they had to discharge. Due to economic challenges, it took around seven months but once permission was received, they then approached Roma for development finance.
It became apparent throughout the facility that they required additional funds, so Roma were able to provide them with an additional loan of the amount needed to continue with the development. They also encountered an issue with a break in at the property, which set the project back and delayed it getting onto the market for sale. Despite this, the borrower’s drive and Roma’s flexibility were a good combination in order to continue with the project and move it forward.
Vicky Gregory, Portfolio Manager, commented “This has been a great project to fund, an interesting journey to follow, and our borrower has been fantastic to work with! All throughout the facility, we received regular updates and pictures from the borrower and they always seemed more than happy to provide any additional information that we needed. They were easy to contact and very efficient with managing the project and the property has now been completed to a very high quality! We look forward to providing more funding for their upcoming developments and projects.”
Our customer also added “We use Roma for our development projects. They have been absolutely great, we work closely with them and everything runs smoothly. When it comes down to drawing the money, the team are on the ball and do this with ease not to cause any delays. Unfortunately, we had a break in with the project which was ready for the market, causing serious delays, but the team at Roma were great and worked with us on this. Sometimes things don’t always go to plan but having a great company who are flexible and co-operative when these things happen is great, as it’s stressful enough without having to worry about the finance side when the unexpected happens. I couldn’t recommend them enough!”