• Loan amount: £1,188,000
• Day one funding: £345,000
• GDV: £2,050,000
• Term: 18 months

Roma was approached to assist on a 10-apartment development of a 150-year-old former mill property in Rossendale, Lancashire. The loan value granted was £1,188,000 on an 18-month term.

This is the first loan that the customer has completed with Roma and on this occasion Roma’s founder, went to meet the borrower and view the site, which was a highly successful meeting where borrower and lender could discuss their thoughts and plans for the development. The borrower may be a first-time borrower for Roma but is running two other HMO projects alongside this one with the others being HMOs.

The projects heritage status makes it particularly interesting as a case study. The property is 150 years old it is hard to imagine the change that the building has endured over time. The development modernises, yet holds on to the Victorian mill and sentiment. With only the interior changing, the borrower has envisaged to uphold the heritage of the textile industry within Lancashire. Old mill buildings tend to be highly sort after in towns and cities in the North of England, making them promising development and investment opportunities.

Senior Business Development Manager, Mark Foley, who has been working on the project says, “this project has been very interesting and unproblematic to work on”, “It is great to see old properties like this being utilised in communities, modernising and upholding regional heritage”. Mark adds “the borrower has made this process and project enjoyable to work on, their clean communication and deeper knowledge of the space has been great to see”.

Head of Sales, Sonia Mann, who met the borrower with Scott Marshall says, “The project is very interesting, I enjoy working with borrowers who are excited about their developments, and I look forward to working alongside them and supporting their project”.

The project is currently on going and we will provide an update once complete.