- Loan amount: £200,000
- Day one funding: £60,500
- GDV: £495,000
- Term: 12 months
Roma Finance was approached by a borrower seeking funding to complete their ground-up development of an environmentally-friendly bungalow.
Our borrower comprises of two family members, who jointly own a project management services company and possessed the ideal skillsets for this project; a qualified architect and an experienced property manager. They worked on the development themselves with assistance from sub-contractors.
The property is located in Rushden, Northamptonshire and the loan was intended to finance the building costs. The borrowers already owned the land debt-free and they utilised the profits from their previous new build project next door to cover the costs of remaining expenses.
The innovative 3-bedroom detached bungalow has been built with the environment in mind. It features an array of sustainable solutions, including solar PV panels to offset electricity costs. Also, the installation of an air source heat pump and underfloor heating system ensures efficient heating, while high levels of insulation guarantee energy savings. The property also features an electric car charging point on the front.
Samantha Williamson, Bridging and Development Specialist at Roma commented “It’s always a pleasure to work with property developers who align with Roma and are committed to building eco-friendly developments. Our borrowers have truly demonstrated innovation and creativity by incorporating their carbon-zero ideas into the property. The completed development stands as a testament to the high standard they have achieved, and we’re looking forward to seeing what projects they bring to Roma next!”
Our borrower also added “The zero-carbon project at ‘Chestnut View’ was highly detailed and thoroughly thought about from the outset. Due to the increased costs for a zero-carbon development, we felt that our self-funding budgets would be tight. We found out about Roma Finance through a recommendation from a fellow developer who had used Roma Finance frequently for their developments. Due to this, our expectations were already pretty high, and yet Roma Finance has managed to exceed them! Communication with the team at Roma Finance is excellent. They’re always happy to take my call and answer any questions I might have. I would definitely recommend Roma Finance to others due to their exceptional service and professionalism in their field of service. We are looking forward to building our next development with Roma Finance!”
The intended exit is sale.