Roma Finance has secured a major increase of its funding facility with the Royal Bank of Scotland to support its continued growth.
In July 2016, the Manchester-based bridging finance and development lender secured funding from RBS which enabled the company to lend up to £50m a year and the new facility almost triples that amount.
Roma Finance recently reported an 80% increase in lending volumes in the first half of 2018, a doubling of it sales and underwriting teams to cope with rising business levels and has recently launched in Scotland.
To celebrate the new funding, Roma has announced a special offer rate of 0.85% on bridging loans between £100,000 and £500,000 where customers commit by 21st December.
Scott Marshall (pictured), managing director at Roma Finance, said: “I’m absolutely delighted with completing this hugely increased funding facility. Roma has a unique proposition by putting the customer at the heart of our business model, allowing us to lend on residential investment, commercial and industrial properties throughout England, Wales and, now Scotland.
“We’re a national player who fully understands regional markets and this knowledge has served us well, particularly at a time when some lenders in our sector are struggling to raise money from the general public rendering them unable to provide stable funding and consistent decisions for customers.
“News of this additional money further emphasises the importance of working with institutionally backed lenders with deep and committed funding so that borrowers are not let down.”
Keith Richardson, Roma’s finance director, said: “The extension of the funding facilities from The Royal Bank of Scotland will allow us to further develop our expert staff, cutting edge technology and establish new partnerships to provide further products and services for our introducers and their customers.
“The funding demonstrates that Roma Finance is highly regarded in the industry and we are ideally placed to take advantage of new opportunities in this exciting market.”