Partner Article

Roma Finance save client £400,000 with bridging finance

Roma Finance, the Manchester-based specialist bridging lender, met an extremely tight deadline to save a client almost £400,000 in a complex debt forgiveness case, when a client found themselves let down by two other lenders.

Steve Heaton, Lending Manager at Roma Finance joined the company at the start of May and even though Steve has over 12 years of secured lending experience he immediately commenced on the Roma Bridging Academy Training Programme. Steve quickly learned about the unique way Roma approach bridging finance, the products, the processes and how he can best serve brokers and their clients.

During the client meeting on Wednesday evening 27th May, Steve was told how the original mortgage was miss-sold as unbeknown to the client the bank had sold them a £750,000 hedged foreign exchange mortgage product on their two buy to let properties. The client needed to pay off the bank who owned this debt and had been to two other lenders who promised much but delivered little and time was running out. The client only had until 4pm Friday to repay the bank £365,000 or else the debt would go back to £750,000. The clock was ticking.

The valuations on the 4 properties had already been done and because of this Steve knew they were good security at the right amount.

The solicitors were instructed first thing Thursday morning and to the client’s delight Roma Finance released the funds on Thursday afternoon in readiness for completion on Friday morning.

Steve Heaton commented: “Meeting the customer was critical to this deal and that discussion helped us understand the background & dynamics of the transaction. The client had owned the properties for nearly 10 years and they represented good security, so I was happy to progress the case in order to meet the tight deadline. The client, who had a strong profile, had agreed a debt forgiveness amount with the bank and had a good strategy for exiting our bridge.

“It was then a case of going flat out to meet the deadline, using the slick processes we have and our trusted legal partners who worked incredibly fast, I liaised with the bank to put us in the position of being able to lend and at the same time save the client almost £400,000. This case shows the importance of meeting every client and looking at every case from every angle to get the deal over the line. This is the Roma way.”

Because of the nature of this particular case, the client and broker have both requested anonymity, but separately commented:

The client, Mr G emailed Steve: “Thanks all for all your hard work over the last couple of days. Roma as discussed late Wednesday delivered to plan. Great stuff chaps. Well done.”

The broker said: “I would like to thank Roma Finance for arranging this bridging facility in 48 hours after we were badly let down by one of the larger bridging lenders. The service my clients and I received was excellent and I am very pleased with their whole attitude to conducting business professionally and efficiently. This is how it should be and I’ll surely will be using your services again in the future. Keep it up.”

This was posted in Bdaily's Members' News section by Ron Bell .