Roma Finance MD Marshall's heralds launch of new 'market-leading' bridging rate

Brian West

20 November 2017 09:56 GMT

Scott Marshall, managing director of Roma Finance, believes the company has taken what it believes are huge strides in its relationship with introducers with a "market-leading" offer.

He says reducing the rate on its three month bridging product to 0.44% per month can prove to be massively beneficial to introducers.

The bridging finance lender, which provides 1st and 2nd charge short-term loans secured on residential, semi-commercial and commercial properties, has reduced the rate on its "already market-leading" product. And facilities are available for up to 75% LTV on residential investment first charge bridging cases.

Mr Marshall says that the new product will suit a wide range of introducers with a broad set of requirements -- including customers looking to acquire buy-to-let properties, complete HMO (house in multiple occupation) conversions, undertake property renovations, buy investment properties at auction or are looking to purchase "un-mortgageable" residential investment properties.

He adds that Roma’s "common sense underwriting, pragmatic approach and new fast track service" sees most cases completing within 15 days (compared to the current industry average of 43 days reported on bridging trends). He added:

“This new market-leading offer is ideal for introducers who are experiencing delays with other lenders and it will certainly help them to move residential investment property projects to completion.

"Our new fast track lending process will also help introducers to complete more cases more quickly and is already proving to be a big success with over 70 per cent of cases completing within just 15days.

“As we cater for most types of residential investments, our bridging loans can be used to acquire un-mortgageable properties as well as to carry out renovations and change of use.

“And we have not only launched what we believe to be the best rate in the market for this type of finance but we also pay generous commissions.”

Earlier this year the bridging lender started a major lean six sigma project to "analyse every aspect of its bridging process, from initial enquiry through to completion".

During the project, in April, key parts of how bridging applications were handled were examined. This resulted in 45 process improvements implemented in two stages. Some 20 key wins were introduced in July and the remainder soft-launched on 1st October. A number of brokers and customers contributed towards the project to ensure the voice of the customer was heard.

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