Roma Finance has funded the complete refurbishment of a partially built residential property with significant vandalism damage.
The property was a stable, converted by a developer who ran into financial difficulties. The property’s interior was significantly damaged by vandalism before being repossessed by their lender and was never finished outside.
The damage included structural damage to the beams, concrete clogged drains, electrical mains and sockets destroyed, as well as significant cosmetic and structural damage as a result of a rip saw and angle grinder. This damage occurred across the entire building.
Our customer agreed to purchase the property from the repossessing lender for £215,000, exchanging contracts with a license to repair, with a view to repairing the barn before completing on the mortgage. In order to do this the customer spent £50,000 on repairs and then a further £15,000 on surveys, building regulations and a warranty.
Work began and was a combination of structural, electrical, gas and drainage repairs – this included significant specialist work to remove all the concrete from the drains. Internal cosmetic work followed with new bathrooms and kitchens and the external work to the property including full landscaping and establishing boundaries to adjoining properties, creating walls, private terrace and garden.
The project ran to the planned schedule of eight weeks despite issues arising with building regulations that had to be resolved retrospectively and getting a retrospective build warranty. On completion, the property was valued at £315,000 and our customer had a tenant ready to move in with a rental income of £950 per month. Contrary to plan, it was agreed to sell the property generating a £30,000 profit in just three months.
Our customer of Hill Barn Land & Property Ltd, said, “I have nothing but glowing feedback for Roma, they have been absolutely brilliant. I have been working with Roma for a long time now and remember Dan and Scott really helped me out on my first application with them. They now have a fabulous team around them and the fantastic service has never wavered. I find the Roma Team to be decidedly professional and I highly recommended them to all.”
Samantha Williamson, Senior Underwriter at Roma added, “This was a unique situation and there were a significant number of hurdles during underwriting process in addition to the vandalism. Having worked with this customer before, we knew their drive and experience and decided to collaborate to complete the case and make the project happen. It is always a pleasure to work with Hill Barn Land & Property and I am looking forward to the next one.”