- Loan amount: £250,000
- Day one funding: £75,000
- GDV: £425,000
- Term: 12 months
Roma Finance was approached by an intermediary partner to support a borrower on the conversion of a former commercial property into a 4-bedroom property.
The security is located in Scotland and comprises of a detached single storey village hall of traditional construction set within private grounds, constructed around the 1900s.
Funding was required to enable our borrower to be able to purchase the security and fund the cost of works for the conversion. Roma was able to provide them with 100% of the facility needed to complete the works.
Prior to approaching Roma, full planning permission was granted by the local authority for change of use, alterations and extension planning. As well as the planned external changes, the interior was stripped out as part of the refurbishment plans and updated with new fittings and furnishings.
The property has been completely modernised and now boasts environmentally friendly features, including an Air Source Heat Pump which will provide heating underfloor at ground floor level and via radiators on the upper floor. The pump will also provide the hot water supply in conjunction with a hot water tank.
Scott Brooks, Underwriter at Roma Finance commented “Working with our borrower on this project has been truly fantastic! Despite the property requiring substantial restoration, their ambitious vision and confidence ensured timely completion of each stage in the project – a testament to their capabilities. The property’s transformation is incredible and the works have been done to an incredible standard. Our borrower has been a delight to work with and from assessing the project’s entirety, from sourcing to communication, execution and outcomes, we would love to assist on any future projects our borrower may have!”
Our borrower also added “We have been delighted with the service that Roma has provided us with throughout the renovation. Everyone we have dealt with throughout the process has been polite, efficient and knowledgeable. The money was easy to request and most importantly, Roma was exactly the type of lender we needed when a mortgage wasn’t an option. Without hesitation, we would definitely use Roma’s services again. Thank you to all involved in our case.”
Intended exit is sale of the property.
