Roma Finance funds stunning development, converting two garages into residential dwellings.
Roma was approached by Malcolm Scanlon of Zion Finance regarding his customer who was looking to redevelop a site in the South West of England, consisting of garages into two residential units. The loan was to refinance the site and obtain funding for the cost of the build.
The total facility requested was £224,000 with an initial day one advance of £124,000. The build was suggested to take six months with an estimated Gross Development Value of £475,000.
The area was a highly sought-after location, a rural village location in between Bristol and Bath with commuter links to both cities but with great local amenities.
The application, despite being received in the early stages of the pandemic, was agreed and the loan completed in good time. There were some challenges with the title and the site itself, which our underwriters managed to ensure a swift completion. The build began and progressed on schedule. Roma visited the site during the build and the work was completed to a very high standard.
The site has now been completed and the loan redeemed with a fantastic outcome for all parties.
Daniel Hill, Senior Key Account Manager at Roma Finance commented ‘’It was pleasure to work on this case and it was very clear from the outset, the borrowers had a solid plan. Their vision was well thought out with a strong exit strategy. Despite the uncertainty of the economy at the time the initial enquiry was received, the Roma team could see the value of this opportunity and the drive our customer had to succeed.”
Malcolm Scanlon, of Zion Finance added, “Daniel and the team at Roma were very quick to pick up on the requirements of this deal and to make the process as slick as possible. After some existing challenges on the layout of the site and how the original title split had taken place to leave the garages on the free and clear plot, it was then dealt with very efficiently. The initial advance was drawn down on time and most importantly the additional funds were advanced when required so the work could continue with no delays. The standard of finish for the units was exceptional and ensured the smooth exit to the term facility was also an easy process”
Our customer commented ‘“We have found Roma very helpful and easy to deal with. Even when we had stressful situations as you undoubtedly do with development finance, Roma maintained a smooth process and ensured all bases were covered. Overall, an outstanding service received from the team and it’s been a pleasure working with you. Thank you!’’