Fast bridging finance for commercial auction purchase
Roma Finance, the bridging and development finance lender, provided funds in a short time scale for a commercial unit being purchased at a property auction.
The introduction came from the broker Bespoke Business Finance, who had a customer needing bridging finance to purchase a commercial unit without planning, in Nuneaton, Warwickshire. The customer will seek to obtain planning and refinance to complete the conversion into an HMO and flats.
Roma agreed the finance and had the money ready in time for the property auction which the customer bid on and won on the day.
Roma provided £115,000 over a 9 month term at 70% LTV. The exit is planned to be development finance with Roma once the planning is received and works have started and Roma will contact the broker prior to the end of the term.
Daniel Hill, Divisional Sales Manager at Roma Finance, said: “Having reviewed the client’s proposal for converting a commercial unit to residential accommodation, I could see this was a viable proposition with good ongoing income from renting the completed units. We organised the money quickly so it was available in time for the property auction and will work further with the broker and the customer to provide finance for them to complete this exciting project.”
Marc Champ of Bespoke Business Finance commented: “From start to finish, Roma have been efficient, informative and delivered the right result for the customer within the defined timescales. The team have been friendly and professional throughout. Even though this recent deal began with a challenge this was overcome in a sensible way and the quick process delivered funds in time for this auction purchase. Both myself, as the broker, and my customer have been impressed by Roma’s service and look forward to a long lasting relationship.”