Roma Finance increase lending by 300% in first quarter
Roma Finance, the Manchester based bridging finance and development lender, has seen a 300% increase in lending volumes in quarter one 2016 compared to the same period in 2015.
Average loan size has also increased, and this, along with a higher number of redemptions, means Roma Finance is on course to triple their lending in 2016.
March has been a particularly busy month, with many landlords buying to beat the buy to let stamp duty hike. However, January and February figures were also up as the popularity of bridging finance to acquire property continued to grow.
January saw the launch of a new product suite after feedback from key introducers, and the market-leading 3-month 0.45% product along with increasing their maximum loan size to £650,000, have both been well received by the market and boosted business levels. A review of business processes has also increased efficiencies, streamlined administration and reduced the packaging requirement for introducers.
Product criteria and stationery can also now be downloaded from the new login area of their website, The Introducer Zone, a new initiative welcomed by their business partners.
Scott Marshall, Director, commented: “The first quarter of 2016 has seen a lot of our planned improvements to the business come to fruition. From products to processes to partnerships, the hard work has yielded an impressive 300% increase in lending volumes which is a great credit to the whole team at Roma.
“We have been fortunate that the market has worked in our favour with the tax changes to buy to let properties, although encouragingly over the past couple of weeks we have also seen a good level of enquiries for completions during April which is not what we were expecting. Part of the success is definitely because more introducers are working with us and experiencing the great levels of service we provide. It’s pleasing that we are still able to provide funding quickly with Agreements In Principle being delivered within an hour of enquiry and being able to fund deals in just 48 hours.
Properties such as HMOs and un-mortgageable properties remain popular and our pragmatic approach to underwriting has struck a chord with introducers and their clients, helping our drive for growth.