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TODAY'S OTHER NEWS

Roma Finance slashes bridging and development rates

Roma Finance, the bridging, buy-to-let and development finance lender, has cut rates across its product range.

This follows further funding lines with Royal Bank of Scotland and Cambridge Building Society, which have recently been secured to provide for growth and an increase in business levels.

The standard rate for residential investment property purchases or refinancing has been lowered to 0.75% per month with no exit fee on loans from £50,000 to £5 million with a maximum LTV of 75%. Loan terms are three to 12 months.

Meanwhile, rates for partly-built development sites are now available from 0.79% per month for sites of up to five units where the properties have already been made watertight. Loans sizes start at £100,000 with a maximum term of 18 months.

Roma Finance provides bridging and development finance for a variety of properties such as buying at auction, buy-to-lets, houses in multiple occupation (HMOs) and semi-commercial property as well as ground-up developments.

In addition, it offers a five-year buy-to-let mortgage for purchasing investment property or exiting a bridging loan.

Scott Marshall, managing director at Roma Finance, comments: “With new and sustainable funding lines in place to help us keep pace with the growing demand for our products, now is the right time to cut rates for our priority business lines.”

“To cope with higher business levels we continue to expand the Roma team and we are seeing growth in our lending for property acquisition and refurbishment.”

He concludes: “The new lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver excellent service to our introducers and customers.”

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