- Loan amount: £309,000
- Day one funding: £194,000
- GDV: £875,000
- Term: 12 months
Roma Finance was approached by an intermediary partner to support a property developer who required funding in order to build a 5-bedroom eco-sustainable home.
The borrower, who has used Roma previously for bridging finance, is an experienced developer with a growing portfolio of projects.
The security is situated on the northern outskirts of a small town in Gloucestershire and was initially presented to Roma as a part-built development, with a wooden frame and a flat roof. Due to it being in a wind and watertight state, we were able to offer the borrower a developer exit solution, which provided them with the opportunity to re-bridge onto an exit that suited their requirements.
Throughout the term, the borrower faced an issue with rising costs, therefore Roma then provided additional funds on top of the initial loan to assist with completing the development.
Now completed, the dwelling boasts a state-of-the-art design, with modern and contemporary finishes and interiors including 5 bedrooms and 3 bathrooms. It also has exceptional energy efficiency and features an electric car point, solar panels, an air source heat pump, smart radiators, triple-glazed windows and bi-fold doors, and as a result, has achieved an EPC rating of A.
Achieving such high efficiency standards is paramount during the current climate and ongoing energy crisis.
Our customer commented “Everyone I’ve dealt with at Roma Finance, alongside Jayson at Cotswold Mortgage Advice Centre were hugely helpful in enabling me to deliver my first self-build project. Without them it wouldn’t have been possible, they’ve been a real pleasure to work with all the way through the process and I would thoroughly recommend them!”
Adrian France, Underwriter at Roma Finance also added “Projects such as these are great to work on and it’s been really interesting to see the outcome. This property is fantastic and truly boasts exceptional features and has set the standards high for similar developments. We are delighted to have been able to fund another sustainable development and hope to support more in the coming future, and look forward to assisting with our customer’s upcoming portfolio.”
The property is currently on the market.