Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.
Roma, a bridging loan specialist, and Loans Warehouse recently completed a complex case for a borrower wanting to refurbish and convert a three-bedroom house into a five-bedroom house of multiple occupancy (HMO). The borrower needed to secure the finance in one week or miss out on the property.
The house had been purchased by a vendor on day one and then sold the borrower the next day. This meant the property was not yet registered in the name of the borrower. The property also needed a valuation completing in time to agree a bridging loan.
Loans Warehouse worked with Roma to obtain undertakings from the vendors solicitors to ensure both land registrations were made at the same time. Draft transfers were provided by the solicitors of the original vendor to help mitigate any future registration issues.
The valuation was completed using AVM technology, which alleviated the need for a physical valuation and helped to meet the borrower’s deadline.
Once these details had been finalised, Roma was able to agree £320,000 loan using the main purchase property and an additional security. The borrower was then able to make the alterations required to a high-quality finish.
Lorraine Hart, Head of Credit Operations at Roma Finance said, “This was a highly time sensitive case, coupled with a with series of challenges, some of which were not in our direct control. This is a great example of the need to be agile with strong underwriting experience, from Loans Warehouse which allowed our team to make informed decisions and ultimately benefit the customer. This is a great start to our working relationship with Loans Warehouse and we are looking forward to building on this in the future”
Matt Tristram, Co-Founder of Loans Warehouse said, “Roma Finance had just been appointed to our panel and this was our first case with the team. It was certainly a challenge, but we have been seriously impressed with their approach to this application, their process and dedication to find a positive solution. We aim to find the best fit solution for every case and Roma clearly share our values.”
Find out more about a secured loan at Loans Warehouse or read more about bridging loans.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%. This is according to the latest research from Loans Warehouse, our preferred loans broker, which also found that lending in the first quarter of the year was up by more than 82% when compared to the same period in 2021.
Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%.
The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.
The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%. This is according to the latest research from Loans Warehouse, our preferred loans broker, which also found that lending in the first quarter of the year was up by more than 82% when compared to the same period in 2021.
Consumers used over £155 million in second charge lending during March, registering a month-on-month increase in value of over 12%.
The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure. Meanwhile, the biggest trend noted across the credit card market has been a rise in the average length of introductory 0% balance transfer offers.
The average rate on a £7,500 loan stands at 5.2%, the highest it has been in six years when it matched this figure.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy