Roma Finance reduces rates across bridging and development ranges
Roma Finance, the lender less ordinary, has cut rates and enhanced criteria across the product range.
The product ranges have been simplified. Rates for standard residential bridging and auction have been reduced and now start from 0.59% per month with no exit fee on loans from £75k to £3m and a maximum LTV of 75%.
Light, medium and heavy refurbishment product rates have also been cut. The light refurbishment product, where the cost of works is between 20% and 50% of the current market value now starts from 0.79%.
Semi-commercial bridging rates now start from 0.89% and commercial from 1.00%, both with no exit.
Following the recent announcement that Roma and British Business Investments have agreed a funding partnership to support housebuilders across the country, the development finance range has also been simplified.
For ground up developments, rates now start from just 0.89% with terms available up to 24 months. The developer exit product, which allows developers to move off their development finance to a less expensive bridge once a site is wind and watertight, remains in place. Roma is also now offering a commercial development product with rates starting from 1.00%.
Steve Smith, sales director at Roma Finance, said: “With new and sustainable funding lines in place and a massive increase in business, particularly over the last six months, now is the time to change up another gear.
“Our recent #RomaFLOW process has been highly successful, reducing completion times and we have expanded the underwriting and processing teams to ensure we can cope with higher business levels. These new lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver a lending less ordinary service to our introducers and customers.”