The clients were looking to purchase a 20-bed house in multiple occupation (HMO), located next to an unencumbered bed and breakfast.
Specialist finance broker Specialist Hub has completed a £3.5m complex bridging case with Roma Finance.
The clients were looking to purchase a 20-bed house in multiple occupation (HMO), located next to an unencumbered bed and breakfast establishment worth £3.5m, which they owned and ran.
Roma Finance funded a bridge to raise 100% of the £1.77m purchase price, by taking a charge over the bed and breakfast.
This meant the clients could use their funds to renovate the HMO and then apply for a 20-bed HMO licence to allow them to obtain a term loan and exit the bridge.
Tony Sutton, managing director of Specialist Hub, said, “Since being granted packager status with Roma, our relationship has blossomed.
"They will often take on the cases that others shy away from, but of course, it helps that we know how to present and package a case.”
Kirsty Botten, business development manager for Roma Finance, added: “Specialist Hub are a pleasure to work with, they package and manage their cases to the highest standards, which always makes for a much smoother process. I am looking forward to the next one.”
Steve Smith, national sales manager at Roma Finance, said: “We have really hit the ground running with Specialist Hub and it is great to see how both teams have worked so effectively in collaboration.
"Our values are very much aligned, and the relationship is firmly on an upwards trajectory.”