×

NORTHWEST FINANCE NEWS

Monday January 15 2018

Roma Finance fund seaside holiday let conversion in 7 days


Roma Finance, the specialist bridging finance lender, delivered fast bridging finance for a customer to purchase and convert a property to a holiday let in the picturesque town of Saltburn-by-the-Sea.



Roma Finance fund seaside holiday let conversion in 7 days

Roma Finance, the specialist bridging finance lender, delivered fast bridging finance for a customer to purchase and convert a property to a holiday let in the picturesque town of Saltburn-by-the-Sea.

The property was a bungalow with an excellent location overlooking the beautiful 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.

Roma has recently implemented a new faster service process targeting completions in under fifteen days, and this loan was well below that target. The current industry average is 43 days (Source: Bridging Trends Q3 2017).

The project to change the way bridging loans are processed saw 65 process improvements implemented in two stages. 29 key wins were introduced in July and the remainder on 1st October.  The results have been impressive and Roma now believes it leads the market with a consistent, transparent, predictable and unrivalled proposition.

Commenting on the property conversion case, Daniel Hill, Bridging Specialist at 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, Manhatten Property Solutions Limited, commented: “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.”



"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. "
Daniel Hill








DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.






RECOMMENDED FOR YOU ON ENTIRELY NORTH WEST










































Siemens helps Hall go green


Siemens is helping the worldfamous Hall orchestra cut its costs by 35 through energy reduction.It has created an integrated digital solution to make Hall St Peters, the historic recording and rehearsal venue in Manchester, highly energy efficient.The new 4







Scenic winter walking routes in Cumbria


Taking a muchneeded break from the festive frenzy can be a blessing, and while you might be tempted to stay indoors and recoup, a winter walk could be the perfect way to reenergize. The whole family can get involvedIt can be difficult to unwind during the lead up to Christmas











Discover the latest Industry News & Opinions on Entirely














We build powerful Financial Models for critical business decision makers.