Roma Finance funds £3.5m holiday lets and equestrian centre
Roma Finance, the specialist bridging lender, has provided funds for completing a variety of holiday let accommodation and new state-of-the-art equestrian centre after the customer had been let down by another lender at the eleventh hour.
The introduction came from Positive Lending, who had heard about Roma’s Fast Track process whereby most deals complete within just fifteen days. This case was completed in just eight days. To ensure the case was funded within the timescale Simon Micklethwaite, one of Roma’s BDM’s, met the customer at the property the day after the case was agreed.
The site comprised a bungalow, three cottages, seven holiday flats and 33 acres of land, so there was ample security and to cover payments with holiday let income. The value of the completed centre will be £3.5m. The bridging finance will help deliver a new purpose-built indoor arena so the centre can operate all year round.
Looking at the breakdown of the transaction, the borrowers needed to redeem an existing first charge with a High Street bank. A further £500,000 was also required to complete the residential properties and build an equestrian centre and to provide enough working capital so the business could produce a set of accounts to help with a refinance exit strategy. Roma quickly agreed a bridging facility of £874,500 over 12 months.
In line with Roma’s new faster service process, the funds were delivered in just over a week from when the borrowers paid the valuation and Roma’s legal fees.
Commenting on the case James Oldham at Positive Lending said: “Roma was exceptional in service and speed to get my client’s loan funded. Daniel Hill and David Watkins stayed in contact daily with me (the broker) and the client to ensure that everyone knew where we were at every stage. The client could not be happier and nor can I, thank you.”
The borrower commented: “Having been let down by another provider only days before delivery of our steel structure, Roma Finance stepped in to provide the bridging finance we needed. Within two days the case was agreed and a BDM travelled to the property to help understand the transaction. Only eight days after the original enquiry the funds were paid into our account. The new Roma Fast Track process really helped us. The underwriter was always available to discuss the case and the support from the business development team was excellent. Without the speed of turnaround we would have suffered months of delays as the whole delivery and construction window would have been lost, not to mention the manufacturers problems if they weren’t paid!”
Roma Finance’s managing director Scott Marshall said: “I’m delighted that the transaction went smoothly and a satisfactory customer outcome could be achieved in this case. Our new Fast Track process helped deliver the bridging funding needed much to the delight of the customer and the introducer. Visiting the site and fully understanding the transaction is a vital part of our new process and this helped to speed up the quick decision making needed in cases such as these, where another lender pulled back from the case at the last minute. The business owners are experienced in this area and I’m sure they will make it a success.”