Roma Finance, the bridging and development lender, provided 100% funding for a customer to acquire a mixed use property conversion to flats.
The introduction came from Prospero Finance Limited who had a customer looking to acquire a semi-commercial property in Bristol. Formerly a laundrette with accommodation above, the plan is to convert the whole building to five self-contained residential flats.
The bridging loan was for £776,000 and additional security was taken on another residential property to give the customer 100% funding for the purchase.
The bridging finance was over a 12 month term and the exit will be development finance to convert the property into flats.
Daniel Hill, Divisional Sales Manager at Roma Finance, said: “It was a pleasure to work on this case introduced by Prospero Finance. We acted quickly to ensure the acquisition completed on time and were delighted to be able to offer 100% funding, with additional security. The semi-commercial property will be converted in due course and I’m sure this will be a successful development for the customer.”
Martin Smedley, Director at Prospero Finance Limited, said: “We received excellent service from Daniel Hill, Samantha Williamson and the team at Roma Finance along with our own Liz Pleasant and Richard Spencer of Converse Law, they enabled the clients to get the keys to the property in under two weeks from obtaining the agreement in principle.”