Roma Finance, the Manchester-based bridging finance and development lender, has announced significantly lower rates across all their products and loans secured on residential and semi-commercial properties now don’t have an exit fee.
With a new multi-million pound funding line in place which provides a cheaper cost of funds, Roma are able to pass on the benefit to customers.
The new products have also been designed to fuel the company’s growth and expansion and Roma are keener than ever to continue to lend on viable property projects.
As well as rate cuts on all loans, there are no exit fees on all but commercial property and for residential investment property purchases the LTV has been increased to 75% (100% LTV and above available with additional security).
The new range is designed to suit HMO conversions, property renovations, auction purchases and unmortgageable properties. Full product guides can be obtained at Roma’s online portal, the Introducer Zone.
Common sense underwriting continues to be at the forefront of Roma Finance’s offering to introducers, and the company will lend to those who are employed, self-employed, companies, partnerships and sole traders with all types of credit history considered. There is also minimal packaging required from introducers to progress cases, Agreements in Principle issued within one working hour of enquiry and completion can happen within 48 hours of solicitors being instructed.
Scott Marshall, Managing Director, commented: “The new products and lower rates will help ensure we are well placed to take advantage of current opportunities in the post-Brexit bridging finance market and will allow us to further develop our business and establish new partnerships.
“This has already been a very exciting year for Roma Finance as we are on course to triple the size of our loan book for the second year running; we’re moving to a larger office and have recruited very high calibre people. We have also grown the number of introducer relationships and are confident they will be excited with these new product innovations which should allow them and us to win more business.”