Roma Finance, the bridging, buy-to-let and development finance lender, has cut rates and increased LTVs and loan amounts across its product range.
The standard rate for residential investment property bridging has been reduced to 0.65% per month with no exit fee and a maximum LTV of 70%. Loan terms are 3 to 12 months.
Refurbishment rates have also been cut, now starting at 0.85% with an LTV up to 70%.
The recently introduced development finance product now has rates available from 1.00% per month for sites of up to 6 units, with a maximum term of 18 months. The commercial bridging solution, launched at the same time, is now available with rates from 1.10% and an increased LTV of 60%.
Maximum loans sizes have been increased to £3 million and exit fees have been removed from the majority of the range.
Roma Finance provides bridging and development finance for a variety of properties such as buying at auction, buy to lets, HMOs, semi-commercial and commercial property as well as ground-up developments. In addition, it offers 5-year buy-to-let and holiday let mortgages for purchasing investment property or exiting a bridging loan.
Nick Jones, commercial director at Roma Finance, said: “With increasing distribution and support from our funding lines to help us keep pace with the growing demand, now is the time to ensure to we have the right criteria and solutions to meet the appetite for growth within the business.
“Business levels have grown significantly and we are maintaining the upwards trajectory. We are continuing to expand the Roma Finance team and the new lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver excellent service to our intermediary partners and customers.”
Phil Jay, Director of Complete FS Limited said, “It is a very heartening and encouraging sign that Roma Finance are showing their commitment to the industry. Short-term lending is a unique and essential tool and we are delighted to see these changes. The rate reductions combined with the criteria enhancements and their expertise in this space can only be of benefit to all.”