Roma Finance funds multiple unit mixed use purchase
11 January 2019
Roma Finance, the specialist bridging and commercial lender, moved quickly to deliver the funding needed for the purchase of a multiple unit mixed use property in just six days.
The introduction came from Harvey Bowes Financial Services after they had worked for weeks to get the three titles for the various units agreed with the vendor and the receiver ready for an agreed purchase. Contracts were exchanged with just six days to the agreed completion.
The property, in Ebbw Vale, comprised twelve flats and four retail shops and were to be bought to be retained for long term income.
Having met with the introducer and customer, Roma Finance quickly determined this was a viable transaction with a good business plan. The properties were being bought for £404,000 and was a deal too good miss, as it was being bought well below the current market value (confirmed by a RICS valuation) and a great fit for the customer’s portfolio. Once purchased the property would be worth £630,000 with nine of the tenanted units already generating ongoing rental income.
Roma agreed a three month bridge for £282,000 and paid out funds in just six days. The loan was to be repaid by refinancing to the Cambridge & Counties Bank.
Simon Micklethwaite, Senior BDM at Roma Finance, 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 in to 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 of Harvey Bowes Financial Services, commented: “I knew this case would put pressure on the lender to get the funding in place in such a short time scale. In these situations, there is only one lender I trust to deliver the speedy service needed and that’s Roma Finance. Roma and their legal team worked with us closely, even over a weekend, and pulled out all 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 knowhow can deliver even in the tightest deadlines to secure the very best property deals.”
