Fast finance for a buy to let re-bridge
Roma Finance, the bridging and development finance lender, provided fast finance for customers needing a re-bridge for a buy to let property in Kent.
The introduction came from Loan.co.uk for customers who had delays in getting the property onto the rental market as they were going through a divorce shortly after completing the refurbishment works.
They had a 1st charge bridge with another lender for £158,000 on a property with an Open Market Value of £250,000. The incumbent lender had already extended the original loan from 12 months to 18 months but the borrowers were unhappy with the additional charges, so were looking to refinance.
Other lenders were approached but couldn’t lend in the timescales and on the terms suitable to the customers.
When approached about the customers’ situation, Roma Finance were able to proceed with the loan and arranged separate borrower meetings to fit with borrowers personal lives within 24 hours of fees being paid and at the same time legals and valuation were instructed.
The loan was complete in the time scale required and was for £184,000 over a 9 month term. The exit route was to sell the property and this was achieved very quickly when the house went on the market.
Danielle Nugent, Bridging Specialist at Roma Finance, said: “This was an interesting case to work n as we needed to not only progress the loan quickly but also be aware of the customers’ personal circumstances. The property was a good buy to let proposition so we didn’t hesitate in moving the application forward. The onward sale will cover the exit and make a profit for the couple to move on with their lives.”
Tom Hill, Head of Bridging and Commercial at Loan.co.uk said: “Thanks for all the hard work. It was a really well worked case and relatively stress free – how bridging should be done. Once again it was a pleasure to work with Roma Finance. Danielle Nugent and Samantha Williamson communicated perfectly with all parties involved which lead to a quick and efficient completion and an enjoyable customer journey. Congratulations to Danielle for her first completion which will be the first of many I am sure.”