Roma saves client nearly £400k with 48-hour bridge

Specialist lender Roma Finance has helped a client save almost £400,000 with a bridging loan that was completed in 48 hours…

Case fact file:

  • Client had agreed a debt forgiveness deal at the start of May and had to repay by Friday 29th May 2015
  • Roma Finance was contacted on Wednesday 27th May because the client had been let down by two other lenders’ slow credit process
  • The client required £365k otherwise the debt would have reverted back to £750,000
  • All legal work was completed within 48 hours

Manchester-based Roma Finance has recently saved a client hundreds of thousands of pounds in a complex debt forgiveness case after being let down by two other lenders.

Roma met up with the client on the 27th May, where Lending Manager Steve Heaton was told how the original mortgage had been miss-sold to them by a bank on two of their buy-to-let properties.

As a result, the client needed to pay off the bank by the 29th May or face paying a further £385,000.

Valuations on the four properties had already been done and solicitors were instructed on the 28th May whereupon Roma released funds in time for completion on Friday morning.

“Meeting the customer was critical to this deal and that discussion helped us understand the background and dynamics of the transaction,” commented Steve.

“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.” Steve explained.

“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,” Steve concluded.

The broker, who wished to stay anonymous, commented: “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.”

Steve joined the firm last month with over 12 years of secured lending experience.

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