Roma Finance has come to the rescue of a customer who had been let down by another lender at the eleventh hour, by providing funds for completing a variety of holiday let accommodation and new equestrian centre.
Positive Lending had heard about Roma’s Fast Track process whereby most deals complete within 15 days and introduced the case to the bridging lender. This case was completed in eight days.
To ensure the case was funded within the timescale Simon Atherton, one of Roma’s business development managers, met the customer at the property the day after the case was agreed.
The site consisted of a bungalow, three cottages, seven holiday flats and 33 acres of land, so there was ample security and to cover payments with holiday let income. The value of the completed centre will be £3.5m. The bridging finance will help deliver a new purpose-built indoor arena so the centre can operate all year round.
The borrowers needed to redeem an existing first charge with a High Street bank. A further £500,000 was also required to complete the residential properties and build an equestrian centre and to provide enough working capital so the business could produce a set of accounts to help with a refinance exit strategy. Roma agreed a bridging facility of £874,500 over 12 months.
The funds were delivered in just over a week from when the borrowers paid the valuation and Roma’s legal fees.
James Oldham at Positive Lending said: “Roma was exceptional in service and speed to get my client’s loan funded. Daniel Hill and David Watkins stayed in contact daily with me [the broker] and the client to ensure that everyone knew where we were at every stage. The client could not be happier and nor can I; thank you.”
Scott Marshall, Roma Finance’s managing director, added: “I’m delighted that the transaction went smoothly and a satisfactory customer outcome could be achieved in this case. Our new Fast Track process helped deliver the bridging funding needed much to the delight of the customer and the introducer.
“Visiting the site and fully understanding the transaction is a vital part of our new process and this helped to speed up the quick decision making needed in cases such as these, where another lender pulled back from the case at the last minute. The business owners are experienced in this area and I’m sure they will make it a success.”