Roma Finance reduces rates and increases LTVs across the range
Bridging, buy-to-let (BTL) and development finance lender Roma Finance has cut rates and increased loan-to-values (LTVs) and loan amounts across its product range.
The standard rate for residential investment property bridging has been reduced to 0.65% per month with no exit fee and a maximum LTV of 70%. Loan terms are three to 12 months.
Refurbishment rates have also been cut, now starting at 0.85% with an LTV up to 70%.
Roma’s recently introduced development finance product now has rates available from 1.00% per month for sites of up to six units, with a maximum term of 18 months.
The commercial bridging solution, launched at the same time, is now available with rates from 1.10% and an increased LTV of 60%.
Maximum loans sizes have been increased to £3m and exit fees have been removed from the majority of the range.
Nick Jones, commercial director at Roma Finance, said: “With increasing distribution and support from our funding lines to help us keep pace with the growing demand, now is the time to ensure to we have the right criteria and solutions to meet the appetite for growth within the business.
“Business levels have grown significantly and we are maintaining the upwards trajectory.
“We are continuing to expand the Roma Finance team and the new lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver excellent service to our intermediary partners and customers.”
Phil Jay, director of Complete FS Limited, said: “It is a very heartening and encouraging sign that Roma Finance are showing their commitment to the industry.
“Short-term lending is a unique and essential tool and we are delighted to see these changes.
“The rate reductions combined with the criteria enhancements and their expertise in this space can only be of benefit to all.”