Roma Finance the bridging and development finance lender has recently closed off a rebridge to acquire a development site.
The property was originally purchased for £805k in December 2018 and the client had previously applied for, but was rejected, planning to erect two houses on the site.
The client subsequently applied for on large, 6,000 sq ft property on the house which was granted.
Roma Finance provided the rebridge for the development and completed the loan in just 10 days, with the term of the bridging loan set at nine months and the exit being the sale of the site, with planning.
The customer is now selling the site — which is currently on the market at £1.2m — but is also going back to planning to get two semi-detached properties approved.
Roma also took additional security on a residential property to give the customer 100% funding to repay their existing bridging loan of £645,000.
“This was an interesting case as it had several different requirements from the customer,” said Daniel Hill, divisional sales manager at Roma Finance (pictured above).
“After meeting them and looking at the viability of the transaction, it was clear that the site with planning permission would be a very profitable development.”
Matt Lenzie from Commercial Mortgages Broker said: “Roma Finance provide a prompt and efficient service, a 10 day transaction is fast by anyones standards, but we are consistently seeing Roma successfully close business in that time frame. Good work to all involved!
Image from bridgingandcommercial.co.uk