Roma Finance, the bridging and development finance lender, has provided bridging funding in just four days for a new build flat.
The customer came to Roma via Loan.co.uk looking for fast finance to purchase a new build buy to let investment flat in Colindale, London.
When Roma met with the customer, as they do on all cases to help structure the transaction, the business plan showed good rental income and yields, with the luxury flat able to generate £1,700 per month.
The flat was also in a good location with excellent transport links around the capital, with a value in excess of £500,000.
Roma lent £356,000 in just four days, over a term of six months, with the agreed exit being refinancing onto a buy to let mortgage.
Roma has recently simplified, and speeded up, the application, valuation and legal requirements which means that most deals can now complete within just fifteen days. The new Fast Track service is offered on all cases including changes of use, conversions, HMOs, buying at auction and lending against un-mortgageable properties.
Daniel Hill, Senior Bridging Specialist at Roma Finance, said: “This case highlights the need for not only speed, but delivering an excellent service to the introducer and the customer to meet their needs and deliver a positive outcome. Our new Fast Track service once again provided the required funds in just four days, enabling the customer to quickly acquire the desirable property and to get tenants in as quickly as possible. It was a pleasure to work with Loan.co.uk and we look forward to working with them again in the future.”
Aaron Noone, Regional Director at Loan.co.uk commented: “Having needed a lender who will offer the best LTV and time to completion, I was happy to use Daniel Hill at Roma. More so, as the case completed in just 4 days with no fuss. As a busy adviser with multiple transactions and a team to work with, it was a breath of fresh air to experience quality service like this. Great job guys.”