Roma Finance provided the £50,000 needed for the refurbishment which was drawn down in stages as the work, monitored at each stage by Roma Finance, progressed. Once the work was completed the estimated value of the flats was £260,000. To exit the loan, the borrowers re-mortgaged with another lender on a longer term basis.

Scott Marshall, Director at Roma Finance commented: “Many lenders still work remotely and never get out to see the properties they lend on. But at Roma Finance we like to find out the real story behind a renovation such as this. As soon as we visited the property its potential was obvious and the borrowers experience meant they were going to maximise its potential.
“What’s really pleasing now is that the borrowers are embarking on a major renovation of 36 houses in the area and we are already in negotiations for providing the finance for this exciting project.”