"This unique product allows our customers to move onto their next project once their 'build or renovate to rent' project has been completed"
Roma Finance has launched a medium term mortgage product that borrowers can use to exit Roma’s bridging loan once their property project has been completed.
The five-year buy-to-let mortgage can be taken either on a repayment or interest-only basis up to 75% LTV on a maximum loan size of £500,000.
The product is initially being offered to existing customers to assess demand.
At the time of refinancing from bridge to term, the property does not need to be fully let as the borrower’s other income will be taken into account.
Roma will also offer its customers dual representation for the refinance, meaning the process of moving from bridge to term should only take a few days.
Scott Marshall, managing director at Roma Finance, said: “This unique product allows our customers to move onto their next project once their 'build or renovate to rent' project has been completed and is yet another example of how Roma Finance continues to find new ways to de-risk bridging loans for its customers.
“The key to a successful bridging loan has always been understanding the exit route and since we’re now able to offer this ourselves in a truly innovative way, it provides yet more reasons for brokers to place their bridging business with us. We expect demand for this product to be huge which, in turn, should increase our market share of the bridging industry.
“This is arguably the most exciting development in the evolution of Roma Finance since we secured our first funding line with RBS just after the Brexit referendum in July 2016. Furthermore, over the past 18 months we have completed 4 other funding lines, made our lending processes perhaps the most efficient in the market, invested significantly in new people and advanced technology becoming, for example, the first bridging lender to introduce Open Banking. This continues to be an exciting time for everyone involved with Roma Finance.”