- Loan amount: £850,000
- Day one funding: £850,000
- CMV: £1,215,000
- Term: 12 months
Roma Finance was approached to support a borrower who had recently completed the conversion of a disused three‑storey commercial mill in Burnley into residential apartments.
The borrower, an experienced developer with extensive knowledge and experience in refurbishment and commercial to residential conversions, originally purchased the mill unencumbered. Roma provided a facility covering 100% of the build costs, enabling the transformation of the building into 10 one‑bedroom and three two‑bedroom apartments following the approval of full planning consent.
With the development now complete, the borrower required additional capital to move onto their next project. Roma was able to internally refinance the asset onto our developer exit product, allowing them to release equity and generate essential cash flow for their next upcoming scheme.
The funds are now being used to acquire a vacant end terraced commercial property in Radcliffe, Manchester. Formerly a furniture showroom and currently in poor condition, the site benefits from planning permission for 18 residential units, comprising 17 one‑bed apartments and one two‑bed duplex.
The borrower’s intended strategy is to progress this new development using the capital raised, demonstrating the strength of Roma’s development exit solution in supporting project growth and continuity.
Senior Underwriter, Jack Ainsworth, commented “It was fantastic to support our borrower on this case by utilising our developer exit solution. The refinance not only strengthened their cash flow but also allowed them to maintain momentum without monetary interruption. It’s great to see our funding play a part in helping borrowers, such as this one, progress from one scheme to the next. I look forward to seeing how the next project develops.”
