Bridging lender Roma Finance has created new products to suit clients looking to fund HMOs, property renovations and unmortgageable properties.
The new ‘Roma 45’ product offers a rate of 0.45% per month over a three-month term with a 1.8% exit fee.
Other products include the ‘Roma 85’ where the monthly rate is 0.85% for a six-month term. There is also a product with no exit fees and a product to cater for a nine-month term. Roma’s maximum loan size has increased to £650,000 and 100% LTV is possible with additional security.
Underwriting allows for the self-employed, companies, partnerships and sole traders with all types of credit history to be considered.
Roma says an Agreement in Principle will be issued within one working hour of enquiry, and completion often takes place within 48 hours of solicitors being instructed.
Rates are not LTV dependent, so introducers can be assured that if the property down values, Roma Finance will not increase the rate.
Scott Marshall, director at Roma, said: “This is a very competitive range of bridging products. We have listened to introducers’ feedback and the needs of their clients to develop a suite of solutions that caters for almost everyone looking to source short term finance for property development and refurbishment projects.
“We’ll also be flexible in a way that allows our Introducers to win more business when the proposition is assessed and deemed to be viable. We’ve improved our processes too, with a new automated back office loan processing system to progress cases and payouts more efficiently, particularly important when timescales are short, for example when buying property at auction or for a special one-off price.”