Roma Finance was approached by Prospero Finance for their customer, Urban Costaying, who wanted to convert a detached three-bedroom bungalow into a five-bedroom detached house.
The development was situated in a popular residential area in the centre of Chorlton in Manchester, close to several restaurants, bars, and shops. With similar properties in the area selling for over £1,000,000, it gave the valuer an accurate idea of the market value.
The initial valuation they received was a GDV of £650,000, which was then increased to £750,000. Our borrower had very strict timescales for drawdowns and Mark Pretty, our Relationship Manager, was instructed to take over as the valuer. This provided the borrower with increased and additional support to get the drawdowns and funds moving in the right direction.
The original bungalow was knocked down, leaving a couple of existing walls for the rebuild. We were able to provide a side loan of £50,000 following the discovery of a basement under the original dwelling when the groundworks began.
The borrower is an interior designer by trade, and this is reflected in the development as it has been converted into a quirky, modern, Scandinavian-inspired, 5 bedroom property. Once the final valuation was complete, they achieved £1,000,000 CMV.
Our customer of Urban Costaying commented “Roma Finance have been extremely helpful in assisting me with the main and side loan. Working directly with Vicky, Beth and Mark has been seamless at all levels of communication. Mark took over the valuations and his first visit was like a breath of fresh air. His attitude was very positive and he was very reassuring when it came to providing support. He definitely knew his stuff and was extremely professional. Would not hesitate to recommend Roma Finance to other investors and not hesitate to approach Roma again for other projects.”
Mark Pretty of Roma Finance added, “It was a pleasure to work with the borrower and her team as they are all very capable, experienced, and knowledgeable. It made funding the development a smooth process. Working closely with them, we were also able to assist further and increase our loan to maximise the size of the property as a basement was discovered and turned into an additional living space. I really enjoyed the site visits and everyone was very helpful and accommodating answering any queries raised.”
The property is now occupied with a tenant.