Roma Finance

Roma supports purchase of multiple-unit mixed-use property




Roma Finance has provided funding for the purchase of a multiple-unit, mixed-use property in six days.

The bridging lender agreed a three-month bridge for £282,000, with the exit through refinancing with the Cambridge & Counties Bank.

The introducer Harvey Bowes Financial Services had worked to get the three titles for the various units agreed with the vendor and the receiver, ready for an agreed purchase.

The contracts for the property in Ebbw Vale were then exchanged with just six days to the agreed completion.

The property – which comprises 12 flats and four retails shops – was being bought for £404,000, a price below market value.

It is now worth £630,000, with nine of the tenanted units already generating rental income.

Simon Micklethwaite, senior BDM at Roma Finance (pictured above), said: “As a regular introducer to us, Harvey Bowes already knew how quickly and efficiently Roma could assess a project and provide funding even for the most complex cases.


“When I looked at the case, I knew Roma would be able to help, particularly as so much work had already gone into sorting out the titles for the various units.

“Our fast-track service meant that we were well placed to provide the funding within the tight deadline.”

Howard Bowes, managing director at Harvey Bowes Financial Services, added: “I knew this case would put pressure on the lender to get the funding in place in such a short timescale.

“Roma and [its] legal team worked with us closely, even over a weekend, and pulled out all [the] stops to ensure we completed on time.

“We placed a heavy task on ourselves and the conveyancing solicitors, but even more so on the lender to get the deal done in six working days from start to finish, but Roma stepped up to the mark once again.

“This is yet another example of where working with the right lender, with the right know-how can deliver even in the tightest deadlines to secure the very best property deals.”

 

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