Bridging lender Roma Finance completed a £400,000 re-bridge deal in 5 days after meeting the client at the Finance Professional Show
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div>Bridging lender Roma Finance completed a £400,000 re-bridge deal in 5 days after meeting the client at the Finance Professional (FP) Show.
The client’s discounted rate with an existing lender had come to an end but they were not in a position to redeem the loan.
Roma was able to step in and offer a six-month deal which gave the client extra time to find a long term solution.
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.
“In this particular case, the FP Show provided an ideal location to meet the client and finalise the loan details.”
The property involved was a £700,000 buy-to-let (BTL) home in south London which housed five tenants.
As part of the deal, the client agreed to apply for an HMO licence which will be compulsory from January 2016, in order to obtain a BTL mortgage.
Geoff Platts of Lerwick Group, who introduced the client to Roma Finance, praised the lender for assisting in this process while still completing the deal in five days.
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