Roma funds multiple unit mixed use purchase

Published on

Roma Finance has deliver the funding needed for the purchase of a multiple unit mixed use property in six days.

The introduction came from Harvey Bowes Financial Services after they had worked for weeks to get the three titles for the various units agreed with the vendor and the receiver ready for an agreed purchase. Contracts were exchanged with six days to the agreed completion.

The property, in Ebbw Vale, comprised 12 flats and four retail shops and were to be bought to be retained for long term income.

Having met with the introducer and customer, Roma Finance quickly determined this was a viable transaction with a good business plan. The properties were being bought for £404,000 and was a deal too good miss, as it was being bought well below the current market value (confirmed by a RICS valuation) and a good fit for the customer’s portfolio. Once purchased the property would be worth £630,000 with nine of the tenanted units already generating ongoing rental income.

Roma agreed a three month bridge for £282,000 and paid out funds in six days. The loan was to be repaid by refinancing to the Cambridge & Counties Bank.

Simon Micklethwaite (pictured), senior BDM at Roma Finance, said: “As a regular introducer to us, Harvey Bowes already knew how quickly and efficiently Roma could assess a project and provide funding even for the most complex cases.

“When I looked at the case I knew Roma would be able to help, particularly as so much work had already gone in to sorting out the titles for the various units. Our Fast Track service meant that we were well placed to provide the funding within the tight deadline.”

Howard Bowes of Harvey Bowes Financial Services, added: “I knew this case would put pressure on the lender to get the funding in place in such a short time scale. In these situations, there is only one lender I trust to deliver the speedy service needed and that’s Roma Finance. Roma and their legal team worked with us closely, even over a weekend, and pulled out all stops to ensure we completed on time.

“We placed a heavy task on ourselves and the conveyancing solicitors, but even more so on the lender to get the deal done in six working days from start to finish, but Roma stepped up to the mark once again.

“This is yet another example of where working with the right lender, with the right knowhow can deliver even in the tightest deadlines to secure the very best property deals.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Aldermore unveils new limited edition five-year BTL products

Aldermore has launched a pair of limited edition five-year buy-to-let mortgages for landlords, with...

AMI calls on advisers to take part in protection survey

The Association of Mortgage Intermediaries (AMI) has launched its annual survey of mortgage and...

Broker confidence holds steady as mortgage market cools

Confidence among mortgage brokers held firm in the second quarter of the year despite...

The Suffolk cuts expat mortgage rates amid rising demand

Suffolk Building Society has cut rates across its expat mortgage range, with reductions of...

ModaMortgages unveils eight new limited edition deals

ModaMortgages has expanded its buy-to-let range by launching eight limited edition products at 80%...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Right of Light risks: a looming shadow over construction projects

Gone are the days when a Right of Light infringement could be swiftly dealt...

Could a move to ‘enhanced advice’ also mean mandatory protection conversations?

The FCA’s recent Mortgage Market Discussion Paper (DP25/2) has got the industry talking about...

Other news

Aldermore unveils new limited edition five-year BTL products

Aldermore has launched a pair of limited edition five-year buy-to-let mortgages for landlords, with...

AMI calls on advisers to take part in protection survey

The Association of Mortgage Intermediaries (AMI) has launched its annual survey of mortgage and...

Broker confidence holds steady as mortgage market cools

Confidence among mortgage brokers held firm in the second quarter of the year despite...