Roma Finance has provided fast bridging finance for a customer to purchase and convert a property to a holiday let in Saltburn-by-the-Sea.
The property was a bungalow overlooking the coastline beach in the North Yorkshire seaside resort.
The finance of £156,000 was funded quickly, with £126,000 provided on day one to acquire the property and the remainder six days later to get the conversion works started.
Once converted the holiday let will have a GDV of £325,000 with an annual holiday rental income of £54,000 per annum.
The loan was over six months with the customer exiting the bridge by re-mortgaging with a building society.
Daniel Hill of Roma Finance said: “We had to move quickly to provide the funding in the time scales needed by the customer and our new Fast Track process meant we were able to provide a very satisfactory outcome. The property was in an excellent location next to the beach and the business plan for a holiday let had been well thought out by the customer. As well as generating good ongoing income, it also meant there would be added value in the property due to the high quality of the conversion works.”
Dale Smith from Manhatten Property Solutions Limited added: “Roma has helped us to expand our portfolio in the last 18 months with speed and efficiency. We can now complete deals well inside 28 days with ease which puts us in a much stronger purchasing position. They have also helped solve any problems on a one to one basis which you simply wouldn’t find with many other lenders. Highly recommended.”
The customer said: “The team at Roma offer a personal service that is unparalleled in my experience of property lending over the last five years. They are quick and efficient all the way through the funding process and we wouldn’t look anywhere but to Roma for our quick bridging requirements. Superb service on all levels.”