Roma Finance fund HMO conversion
The customer needed funds quickly to convert a three bed semi-detached house into a six bed HMO in Bristol.
After meeting the customer on site and assessing the transaction, Roma saw that this case was viable as an HMO in the local area.
The business plan was to have a quick turnaround for this project with the customer looking to purchase the property and get the works completed within six weeks.
The purchase Price of the property was £250,000 with conversion build costs of £80,000 and rental income of £1,700 per month when the house was converted.
Roma were able to quickly provide a bridging loan of £266,000 over a six month term. At the end of the finance period the customer will exit the loan by taking out a buy to let mortgage.
The customer was delighted with the slick service Roma provided and Roma are already working on the next deal with them.
George Tuffin, Bridging Specialist at Roma Finance, said: “This was an exciting case to work on as we had to deliver the funding in a short timescale. It was well thought out by the customer as they had clear objectives as to what they wanted to achieve, with a quick turnaround to minimise the conversion time and maximise the rental income by getting the HMO up and running as soon as possible. The customer was delighted with our service and other projects are already in the pipeline.”