Roma Finance completes largest case
Roma Finance has provided a £1.85m loan in its largest case to date.
The loan was for Arcot Grange Developments to acquire a partly built residential site in Cramlington near Newcastle.
Samantha Williamson, senior underwriter at Roma Finance, said: “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.”
The loan assisted in the purchase and gave funds to finish off three high quality barn conversions.
There are also seven building plots on site, which Arcot intend to build out and sell in the future.
Current value of the site is around £3m with a GDV £4.75m.
The exit route for the bridging loan will be from the sale of the barn conversions.