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TODAY'S OTHER NEWS

Roma Finance lends £1.85 million in largest ever case

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.

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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.”

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