- Loan amount: £1,500,000
- Day one funding: £1,215,000
- GDV: £2,438,400
- Term: 9 months
Roma Finance was approached by an intermediary partner to provide funding for a property developer, so they could complete a luxury apartment building conversion.
The borrower, an experienced developer with a strong portfolio, had a professional team in place behind them to ensure a timely completion of the project.
The original security was a 3-storey detached Grade 2 listed former public house with 2-storey detached outbuildings, dating back to the mid-1700s. It has now been converted into six apartments and following additional planning permission, three holiday lets have been built on the grounds. Roma’s funds were used to assist with the development of the holiday lets and to complete final works on the apartments, including landscaping.
The finished flats boast modern kitchens, bathrooms and bedrooms, while the holiday lets feature unique and themed interiors. The property has also achieved an EPC rating of C across all flats.
Despite the challenging climate conditions of rising material costs, the project was successfully completed within the required timescale.
Farah Akhtar, Underwriter at Roma Finance commented “It was a pleasure working on this case, the borrower is a delight to do business with and their cooperation made the process a breeze! They provided all of the necessary information promptly which made my job as an underwriter much easier. The case was seamless and the project has now been completed to a high standard, it’s been really interesting to see the transformation. I look forward to the opportunity to work with our borrower again in the future!”
Our borrower also added “I approached Roma Finance after my previous lender wanted me to pay back the loan in full when I was only halfway through the project. Roma issued fair and competitive terms efficiently, and Michael Allison and Scott Marshall personally visited the site, showing genuine interest in me and the project. Within a few days, I was offered terms for additional funds and the loan was completed within a week. I value Roma’s personal touch and their commitment to building long-lasting relationships. The team, including George, Farah, the two Vickys, Michael and Scott, were exceptional!”
Their intended exit is to refinance with a high-street lender.