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

Roma was approached to assist on the 10-apartment development of a 150-year-old former mill property in Lancashire. The loan 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, Scott Marshall, went to meet the borrower and view the site. The borrower may be a first-time borrower for Roma but has a great amount of experience and is running two other HMO projects alongside this one.

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

Mark Foley, Senior Business Development Manager, at Roma said, “This project has been very interesting to work on. It is great to see old properties like this being utilised in communities, while upholding regional heritage”. Mark added, “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 incredibly 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.