An Unmortgageable Challange

Posted by Roma Finance on 26th March 2021 -

Roma Finance received a challenging case from Your Expert Group, a multi-channel specialist finance organisation, working with a long standing, trusted mortgage adviser.

The situation was highly time sensitive and involved a borrower, who as an experienced landlord with income producing properties, was looking to add to their portfolio. They purchased a property at auction and were proceeding down a straight forward mortgage route with a high street lender.

The borrower undertook minor refurbishment works during the mortgage application process which unfortunately left the property unmortgageable with the original lender. The borrowers were left with a fast approaching deadline from the auction house, the potential loss of their deposit and money spent on works and an apparently unmortgageable property with no funding.

Your Expert Group and the mortgage adviser explained the option of bridging finance instead of a standard mortgage and discussed the case with the team at Roma Finance.

On receipt of the case we determined we would be working with experienced people who had a clear plan for a good income producing opportunity. Using AVM technology we were able to offer the customer the loan they required at 70% LTV enabling them to complete the purchase of the property and the high standard of works they planned including a new kitchen, bathroom and boiler.

George Tuffin, Bridging Specialist for Roma Finance said: “Right from the outset, as a collective we had a clear goal to ensure this customer received the outcome they needed. The team at Your Expert Group are very experienced and were very efficient, providing us with everything we needed to enable us to stick to the timescales promised and provide a smooth service. They are a pleasure to deal with and I am looking forward to working with them on a regular basis.”

Nathan Ellis-Calcott, Director of Lending at Your Expert Group commented: “This is the first time we have worked with Roma Finance and it will certainly not be the last. This case was a significant challenge and the consequences to the customer had finance not been found would have left them severely out of pocket. The team at Roma Finance have been exceptional, ensuring everything was done by the book and in a timely manner to ensure we hit the completion deadline. Our adviser and customer have also been delighted and this has resulted in incremental business. I am looking forward to continuing this partnership with Roma Finance.”