Roma Finance provides support through the global pandemic

Posted by Roma Finance on 7th October 2020 -

Roma Finance’s COVID extension programme has proved supportive and helped an experienced borrower get the best possible outcome in a time of need.

The loan of £127,000 was for the auction purchase of a 3-bed terrace in need of renovation with the aim of converting it into a 4-bed HMO over an initial 7 month period.

The project was going efficiently and the borrower had just secured the last tenant into the property, which had been renovated to a very high standard. The plan was to refinance onto a buy-to-let solution, when suddenly the world pandemic ‘COVID 19’ hit and lockdown was announced.

Despite the challenging situation, Roma Finance acted quickly by introducing a 3-month extension for exposed customers, such as this case, that needed the extra support in these uncertain circumstances. This allowed the borrower extra time to refinance onto a buy-to-let product.

The borrower was extremely grateful that we were able to offer the extension and advised that it wouldn’t have been possible if we hadn’t allowed the extra leeway to refinance. They were experiencing delays with valuers visiting the property due to the restrictions the government had put in place and other lenders had gone straight in with default fees as soon as the original expiry had passed, contributing little to support their existing clients.

They commented ‘’ We have worked with Roma on two occasions now, using their bridging finance and have had great service. When we couldn’t refinance off of the bridge due to COVID 19 they were really understanding and allowed us to extend our loan with no penalties. We are already in the process of organising a bridging loan with them for our next project and would definitely recommend them to other property developers.’’

Bethany Brook, Customer Services Manager commented ‘’ Having assisted this existing borrower with the COVID extension we have gained loyalty and repeat business, confirming that Roma Finance puts the customer’s needs first ensuring their requirements are met and supporting them end to end no matter the circumstances. We have another happy, satisfied customer who has now managed to secure the refinance they had hoped for, as well as a referral who advised Roma’s feedback was glowing and wanted to give us a try.’