- Loan amount: £157,500
- Purchase price: £137,500
- GDV: £360,000
- Term: 12 months
Roma Finance was approached by a property developer through our event partner, The Property Developer Show, to provide funding in support of the purchase and conversion of a six-bed HMO in Norfolk.
The borrower, an experienced property professional with an established portfolio, required funding to acquire the property and subsequently obtain planning permission to convert it into a six-bedroom HMO. Should planning consent not be granted, our borrower has a clear contingency plan in place to renovate and retain the property as a standard residential dwelling.
With estimated works costs of £104,000, the proposed conversion will transform the property into a modern, high-yield rental asset, designed to maximise income and deliver strong long-term returns.
The intended exit strategy is to refinance the completed property onto a buy-to-let mortgage, incorporating the newly converted HMO into their growing portfolio.
Scott Brooks, Underwriter at Roma Finance commented “By providing funding in just 20 days through our RomaFLOW product, we enabled the borrower to move quickly on the purchase. It’ll be really interesting to see whether planning is granted for the HMO conversion and I look forward to seeing the end results.”
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