Roma Finance has lent £400,000 over six months with a five-day completion to a client, in order to repay an existing bridging lender to give them more time to find low cost longer term finance.
The client’s discounted rate with their existing lender had come to an end but she wasn’t in a position to redeem their loan.
Roma Finance met the client to get an understanding of her situation and how best to structure the loan in order to ensure that she could successfully repay Roma Finance’s loan within the required timescale.
The security property comprised a South London mid-terrace Victorian buy-to-let residence worth £700,000, currently let to five separate tenants on Assured Short Term Tenancy Agreements.
In order to help the client secure an exit from their bridging loan, Roma Finance researched the requirements for HMO Licenses in Southwark and found that from January 2016, the property would require a license. Therefore as part of the re-bridge, the client agreed to apply for a licence within three months of the new loan completing in order to help her obtain a low cost buy-to-let mortgage.
Scott Marshall, operations director at Roma Finance, said: “Re-bridging other lenders loans has become quite a popular way of providing a client with more time to resolve their bridging finance debt while still benefitting from the speed and advantages of short term finance.
“As usual we went above and beyond what is normally done by a lender to complete a loan, by not only meeting the client but also by researching the HMO regulations to help the client obtain an exit from our loan. That’s the Roma Finance way.”
The client was introduced to Roma Finance by Geoff Platts of Lerwick Group, who said: “I knew Roma were potentially the right lender to look at a re-bridge case such as this. They were fast, with a five day completion and still took the time and trouble to assist the client with valuable HMO licensing information that helped seal the deal. Roma Finance delivered the solution, much to the delight of the client.”