Quick turnaround for pandemic auction purchase
Roma Finance received a case from Donna Wells at First 4 Bridging for a customer who had purchased a property at auction and had less than a week to complete.
The customer was an experienced landlord who had purchased a four-bedroom detached, Grade II listed property. First 4 Bridging approached Roma Finance with the case due to our flexibility and speed.
The customer needed to complete in under one week due to delays working with other lenders and was looking to borrow 100% of the funds of £144,000, to purchase the property. There were minimal works to be completed and the exit strategy was to add the property to the portfolio and rent it out.
Despite the challenging circumstances of the pandemic, Roma was able to quickly provide an Agreement in Principle and progress the finance within the 7-day deadline the auction house required.
On reviewing the valuation reports and assessing the background and assets of the customer, Roma agreed to the borrowing in exchange for additional security which was to place a second charge against the customer’s residential property.
Daniel Hill, Divisional Sales Manager for Roma Finance said: “The clock was ticking on this case due to the nature of the purchase, thanks to the technological advances made internally and the experience of the Roma team we were able to move quickly. We were delighted to work with First 4 Bridging and the borrower – who were both a pleasure to deal with – and we all worked as a team to achieve our objectives.”
Donna Wells, Director at First 4 Bridging commented: “The nature of this case made Roma Finance an obvious option for this particular client. Roma’s cutting-edge technology helps simplify and speed up the application process, and the ability of its underwriters to quickly understand the experience and requirements of the client proved key to a speedy and highly satisfactory outcome.”