Both their newly priced ‘Standard 6’ and ‘Standard 9’ have had rates reduced (now 1.05% and 1.10% respectively), with a 0.15% premium for the no exit fee option.
The rate of 0.45% remains, but is now called ‘Roma 3’ based on its three month term.
The new range is designed to suit clients looking to fund HMOs, property renovations and unmortgageable properties. The products can also be used to re-bridge bridging loans coming to the end of their term with other specialist providers or debt forgiveness deals from High Street lenders.
Roma’s maximum loan size remains at £650,000 and 100% LTV is possible with additional security.
Scott Marshall, Director, commented:
“Our previous range of products proved hugely popular with introducers and their clients. By making some further refinements we’ve retained the best elements of them and analysed our pricing model to reduce rates. We have again listened to introducer feedback to develop a suite of solutions that continues to cater for almost everyone looking to source short term finance for property development and refurbishment projects.
“We’ll also be flexible in a way that allows our Introducers to win more business when the proposition is assessed and deemed to be viable. We can lend when timescales are short, for example when buying property at auction or a re-bridge is needed to exit another lender to allow for more time to complete a property project. This is an exciting year for Roma Finance as we plan to triple the size of our loan book, invest in new offices, recruit more staff and ensure all our people obtain the CeMAP qualification. We cannot do any of this without strong introducer relationships which is why we’ve made these exciting product innovations.”
