Bridging, buy-to-let and development finance lender, Roma Finance, has temporarily stopped accepting new business applications.
The lender stresses it has a strong pipeline, and these are the cases the lender will be prioritising through to completion.
It said that Michael Gove’s advice to home-buyers not to exchange contracts has created a number of challenges in the lending market. These comments, Roma said, alongside the government’s restrictions on movement, has meant that it is become increasingly difficult to find valuers willing to inspect properties and with many solicitors now also working from home, this has inhibited their ability to witness and properly advise on legal charges.
Roma Finance has, therefore very regrettably, had to stop accepting new business for the time being to ease the burden on its underwriters.
Scott Marshall (pictured), managing director at Roma Finance, said: “The decision is a prudent one at this time but rest assured Roma Finance remains committed to the bridging, development finance and buy-to-let lending sectors. As a well-funded and successful business with a highly motivated team, we’ll be launching new products to help kickstart the market as soon as the government’s restrictions are lifted.”