Roma Finance, the bridging and development finance lender, has provided a loan of £1.32m for large luxury apartment development.
The loan was for Arcot Grange Developments Ltd, to acquire a partly built residential site in Cramlington near Newcastle. Arcot were the contractor on the site and had the opportunity to buy it, which they did with the funding from Roma.
The loan assisted in the purchase plus gave funds to finish off three high quality barn conversions. There are also seven building plots on site, which Arcot intends to build out and sell in the future. Current value of the site is around £3m and GDV £4.75m. The exit route for the bridging loan will be from the sale of the barn conversions.
Samantha Williamson, senior Underwriter at Roma Finance, commented: “This was a complex case and I’m delighted that we managed to get it over the line, with positive outcomes for all involved. Arcot spotted the opportunity to purchase the partially completed development and their business plan showed that it was a viable site with potential to provide very desirable homes at a profit. It was a pleasure to work with an experienced developer and look forward to working with them on future cases.”
Chris Blackwell, Business Development Manager at Synergy Commercial Finance Ltd, said: “Thanks for Roma’s assistance on this one. It was a great deal for all concerned and a great outcome for the client.
“Samantha was the senior underwriter on this transaction and quite honestly, without her input, the transaction would likely have failed in the early stages given the several different guises the transaction took along the way. Her knowledge is second to none, and Simon Micklethwaite, senior BDM, acts with an air of confidence and calmness, rarely seen in the industry at present. Samantha found a way to do the deal rather than looking for ways to decline. Samantha gave regular updates where applicable, liaised with all parties and kept the transaction ticking along towards eventual completion.
“Both Simon and Samantha are a credit to Roma and the industry as a whole and deserve any and all plaudits they may receive from the completion of the facility.
“I look forward to many future deals with Simon, Samantha and Roma. Thank you for your support and I look forward to many more to come!”