Roma Finance start 2016 with lower rates and ‘no exit fee’ options
04 January 2016
Roma Finance, the Manchester based bridging finance and development lender, has kicked off the new year with an updated product range. The company plans to triple its loan book in 2016 and by reviewing its cost of funds and streamlining the business, they have managed to reduce rates and offer more no exit fee options.
Both their newly priced ‘Standard 6’ and ‘Standard 9’ have had rates reduced (now 1.05% and 1.10% respectively), with just a 0.15% premium for the no exit fee option, giving more choice for introducers and their clients to help them plan the most appropriate loan product when they are choosing finance for their project.
The hugely competitive rate of 0.45% remains, but is now called ‘Roma 3’ based on its three month term.
Introducer feedback indicated that the product names were better to reflect the term limits rather than the headline rates to make the criteria clearer and more transparent. The new range is designed to suit clients looking to fund HMOs, property renovations and unmortgageable properties. The products can also be used to re-bridge bridging loans coming to the end of their term with other specialist providers or debt forgiveness deals from High Street lenders.
Roma’s maximum loan size remains at £650,000 and 100% LTV is possible with additional security.
Underwriting continues to be pragmatic allowing for the self-employed, companies, partnerships and sole traders with all types of credit history to be considered.
A key benefit for Introducers is that Roma requires very little packaging to progress cases, an Agreement in Principle will be issued within one working hour of enquiry, and completion often takes place within 48 hours of solicitors being instructed.
Another major benefit of working with Roma Finance is that the rates are not LTV dependent, so Introducers can be assured that if a property down values, Roma Finance will not increase the rate.
Scott Marshall, Director, commented: “Our previous range of products proved hugely popular with introducers and their clients. By making some further refinements we’ve retained the best elements of them and analysed our pricing model to reduce rates. We have again listened to introducer feedback to develop a suite of solutions that continues to cater for almost everyone looking to source short term finance for property development and refurbishment projects.
“We’ll also be flexible in a way that allows our Introducers to win more business when the proposition is assessed and deemed to be viable. We can lend when timescales are short, for example when buying property at auction or a re-bridge is needed to exit another lender to allow for more time to complete a property project. This is an exciting year for Roma Finance as we plan to triple the size of our loan book, invest in new offices, recruit more staff and ensure all our people obtain the CeMAP qualification. We cannot do any of this without strong introducer relationships which is why we’ve made these exciting product innovations.”
