Roma and Loans Warehouse complete back-to-back auction purchase
Roma Finance and Loans Warehouse have completed a challenging back-to-back auction purchase.
Roma was approached by Loans Warehouse with an application which had been rejected during the underwriting process by another lender.
The property was a three-bedroom terraced house in poor condition, which the borrower wished to refurbish and convert into a five-bedroom house of multiple occupancy (HMO).
Roma was asked to lend £320,000 over the main purchase property and an additional security.
According to the firms, the two key issues with the transaction were a short timescale and the fact that the property had been purchased by a vendor day one and sold to the applicant the next day.
In addition, an issue arose and was resolved around ensuring suitable valuations were provided.
Lorraine Hart, head of credit operations at Roma Finance, said: “This was a highly time sensitive case, coupled with a with series of challenges, some of which were not in our direct control.
“This is a great example of the need to be agile with strong underwriting experience, from Loans Warehouse, which allowed our team to make informed decisions and ultimately benefit the customer.
“This is a great start to our working relationship with Loans Warehouse and we are looking forward to building on this in the future”
Matt Tristram, co-founder of Loans Warehouse, added: “Roma Finance had just been appointed to our panel and this was our first case with the team.
“It was certainly a challenge, but we have been seriously impressed with their approach to this application, their process and dedication to find a positive solution.
“We aim to find the best fit solution for every case and Roma clearly share our values.”