Roma Finance, the bridging and commercial lender, has provided bridging finance for a customer to acquire an investment property in London.
The introduction came from Monarch Sterling, who spotted Roma on twitter and were impressed with their fast track service proposition. They are a new introducer for Roma and had a customer looking to leverage the equity of one investment property to purchase another.
The customer’s current buy to let property was worth £700k, and they wanted Roma to do a second charge in order to facilitate another purchase.
However, after Roma met with the customer and went through the transaction, it transpired that there wasn’t enough equity for a second charge bridge to facilitate the purchase. But Roma reviewed the case carefully and were able to provide a loan of £543,000 over six months which allowed them to take the first charge out and still provide the customer with sufficient funds to complete the purchase. The customer would then refinance to a longer term loan to exit the bridge.
There were obstacles along the way, such as language barriers, change of solicitors, and even the customer’s solicitors sending the original documents to the wrong firm, but Roma still managed to complete on the due date.
Dan Hill, Bridging Specialist at Roma Finance, commented: “This was a very interesting case to work on and despite some challenges along the way, we were able to lend the amount required in the requested time frame. It’s also very pleasing that our service message was spotted on social media and an initial enquiry led to us completing our first case for a new introducer.”
The introducer, Seun at Monarch Sterling Finance, commented: “It was great working with Roma. They simplified the process and made things quick and easy for our clients.”