• Loan amount: £157,500
• Purchase price: £157,500
• GDV: £325,000
• Term: 12 months

Roma Finance was approached by a property developer through our event partner, The Property Developer Show, to support the purchase of a residential property requiring a refurbishment in Crewe, Cheshire.

The borrower, a highly experienced builder, required funds for the purchase only, with the refurbishment works to be completed using their own funds and handled by themselves once the acquisition had completed.

The property will undergo a planned refurbishment, at an estimated cost of £25,000, before being flipped and sold on the open market for circa £325,000.

The appointed solicitors on the case went into administration the day before the original completion date, so we acted quickly to help appoint a new firm, ensuring the deal continued to progress and completed without unnecessary delay.

The property also benefits from a large side garden with potential for planning for a single dwelling. The borrower’s planned exit is to title split and sell the refurbished property, and following that, will come back to us for ground-up development finance for the second dwelling.

Scott Brooks, Underwriter at Roma Finance commented “This was a great project to support and it was very straightforward. Our borrower had a clear plan for the refurbishment and the longer-term development opportunity post-purchase, and we look forward to supporting them again when they return to develop on the garden site.”