Roma Finance provides funding for development opportunity
Roma Finance has provided funding on a £716,000 re-bridge to acquire a development site with planning permission.
The case was introduced by Positive Lending for a customer looking to refinance their bridging loan on a property in Watford.
They had purchased the property for £805,000 in December 2018 and applied for planning permission to develop two houses on the plot which was declined.
The loan was completed in 10 days.
Daniel Hill, divisional sales manager at Roma Finance, said: “This was an interesting case as it had several different requirements from the customer.
“After meeting them and looking at the viability of the transaction it was clear that the site with planning permission would be a very profitable development.
“Planning for one detached dwelling was obtained and they’re currently looking to get this updated to two semi-detached to improve the profitability further.
“This was a complex case, but we managed to arrange 100% funding, with additional security, in the time frame the customer was aiming for.”
The customer applied for one house of 6,000 square feet which was granted and is now selling the site.
Planning permission continues to be sought to allow two semi-detached properties to be built.
Roma took additional security on a residential property to give the customer 100% funding to repay their existing bridging loan of £645,000.
The term of the bridge was nine months and the exit will be the sale of the site, with planning.
The site is currently on the market for sale at £1.2m.
James Oldham, specialist lending manager at Positive Lending, added: “Roma completed on a re-bridge for a client of mine.
“The client needed to move fast, otherwise they would be going on to a default rate with their existing lender.
“As always they were very prompt with responses and were always on hand to ensure the smooth processing of this case.”