Roma Finance’s customer service unlocks £1m basement conversion
Roma Finance, the specialist bridging finance lender, demonstrated a strong commitment to post-funding service by going the extra mile to help a customer, who had been let down by builders, to complete a basement conversion in London.
The customer spotted an opportunity to double the value of the mid-terraced property and appointed builders to carry out the work with funds from a £80,000 second charge.
With the property falling into disrepair and amid a flurry of complaints from angry neighbours, the local authority issued an Enforcement Notice. The borrower, who worked full time in the NHS was stuck between a rock and a hard place. He didn’t even have the funds for the remedial work let alone the money to complete the project. And to make matters worse, his second lender wouldn’t help.
Roma Finance, again demonstrated their renowned flexibility and ability to get ‘under the skin’ of a case. They quickly assessed the project and, realising the potential of the property, agreed to lend £250,000 to pay off the second charge, placate the local authority and complete the project. The bridging finance was released in stages subject to ongoing inspections.
At the end of the loan term due to a backlog at the local authority, there was a three month delay to get the building inspector to undertake the final inspection which meant the borrower was unable to get a Completion Certificate that would have allowed him to re-finance and exit the bridge.
However, Roma Finance once again demonstrated their understanding of a borrower’s issues and granted an extension to the term until Building Control had issued the Completion Certificate which enabled the customer to obtain his re-finance without being defaulted.