Roma Finance has provided a loan of £1.85 million in its largest ever case.
The loan was for Arcot Grange Developments Ltd to acquire a partly-built residential site in Cramlington near Newcastle.
Arcot were the contractor on the site and had the opportunity to buy it with the funding from Roma.
The loan not only assisted in the purchase but gave funds to finish off three high-quality barn conversions. There are also seven building plots on site, which Arcot intends to build out and sell in the future.
The current value of the site is around £3 million and it has a gross development value of £4.75 million. The exit route for the bridging loan will be from the sale of the barn conversions.
Samantha Williamson, senior underwriter at Roma Finance, comments: “Arcot spotted the opportunity to purchase the development and their business plan showed that it was a viable site with potential to provide very desirable homes at a profit.”
“It was a pleasure to work with an experienced developer and look forward to working with them on future cases.”
Chris Blackwell, business development manager at Synergy Commercial Finance Ltd, adds: “Thanks for Roma’s assistance on this one. It was a great deal for all concerned and a great outcome for the client.”