Roma Finance is a specialist lender with decades of experience, offering lending solutions designed to support partners and borrowers on standard to complex bridging and development applications, including bridging loans.
This Manchester-based bridging lender prides itself on providing quick decisions and loan completions and offers competitive rates compared to a lot of its competitors.
In this review, I will take a detailed look at Roma Finance, breaking down their product’s key features, application process, eligibility criteria, rates and reviews, to help you decide whether this lender is the right choice for your needs.
Roma Finance Bridging
Roma Finance offers residential and commercial bridging loans from £75,000 to £3,0000,000.
These loans can be used to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans.
Key features include
- Bridging loans from £75,000 up to £3,000,000, with up to 75% LTV available
- Rates start from 0.75% per month for terms up to 24 months
- 1st and 2nd charge available
- Unrestricted access to underwriting
- Interest can be rolled up, serviced, or part/part
- Quick decisions and completions
- No exit fees
- Most bridging cases are completed within 28 days
- Lending is available for every property type
- Any level of experience is considered
Roma Finance has a good reputation. Their rates are quite competitive compared to a lot of competitors, and their speed of execution allows you to get quick access to funds and work on your own timetables.
What are the Eligibility Criteria for a Roma Finance Bridging Loan?
Here’s the criteria to apply for a bridging loan with Roma Finance
Applicants Criteria
| Criteria | Value |
|---|---|
| Accepted Applicants | Individuals, Limited Companies and LLPs |
| Expats and Overseas Residents | Must have a credit footprint and a UK bank account |
| Minimum Age | 18 |
| Maximum Age | ❎ |
| Experience Level | Any level considered |
Loan Criteria
| Criteria | Value |
|---|---|
| Location | England, Wales and Scotland |
| Non-Regulated Loan | ✅ |
| Loan to Purchase | ✅ |
| 2nd Charge Loan | Up to 55% LTV |
| Loan Size | £75,000 – £3,000,000 |
| Max. Loan Term | 24 Months |
| Interest Repayment Method | Rolled-up, serviced or part/part |
| Exit Strategy | A robust exit strategy is required |
AVM Criteria
| Criteria | Value |
|---|---|
| Max. LTV on Refinance | 65% |
| Min. Property value | £100,000 |
| Residential Type | Standard construction only |
| Further Advances | ❌ |
Application Process for Roma Finance Bridging
The application process for a bridging loan with Roma Finance is quite standard. It all starts with filling out an enquiry form on Roma’s Website.
Once your enquiry is received, Roma’s team will get in touch with you to discuss the next steps.
The front-end process is quite simple, with only basic information needed upfront. More due diligence comes before the formal approval of a loan.
Roma’s Finance team is helpful and responsive. They responded to my enquiries in a matter of hours, and I can only imagine they demonstrate the same speed for loan enquiries.
The lender’s speed record for loan completion is 5.5 hours.
Roma Finance Bridging Loan Rates & Fees
Rates
Here are the Roma Finance’s bridging loan rates for 2023.
| Loan Type | Rates From | Max. LTV |
|---|---|---|
| Standard Bridging and Auction | 0.75% | 75% |
| Light Refurbishment | 0.95% | 70% |
| Medium Refurbishment | 0.99% | 70% |
| Heavy Refurbishment | 1.05% | 65% |
| Commercial | 0.99% | 65% |
| Semi-Commercial | 0.89% | 70% |
| Developer Exit | 0.80% | 75% |
| Below Market Value | 0.99% | 70% |
Fees
| Fee | Value |
|---|---|
| Arrangement Fee | 2% |
| Automated Valuation | £30 |
| Legal Fees | 0.3% + VAT (Minimum £1,000 + VAT) |
| Additional Security | £500 + VAT per security |
The full list of fees you may encounter while using Roma Finance’s services is consultable here.
Roma Finance’s Reviews & Ratings
Overall, Roma Finance receives very positive reviews, earning an excellent score of 4.7 out of 5 based on over 70 reviews on Feefo.
The number of reviews might seem quite low compared to some other sectors, but it is a decent amount in the bridging loan provider’s industry.
The majority of reviews rate Roma Finance 5 stars. Customers praise the company’s positive approach to lending, helpful staff and speed of execution.
The negative reviews mainly relate to high fees and a large amount of paperwork, which is pretty standard when dealing with such financial products.
All in all, negative reviews seem limited compared to the overwhelming positive feedback.
Feefo reviews indicate high customer satisfaction with Roma Finance’s lending services, owing to fast processing, competitive rates and great customer service.
While a small minority of customers have faced challenges, my overall sentiment toward Roma Finance is very favourable.
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Roma Finance FAQs
For what purposes can a Roma Finance bridging loan be used?
Bridging loans from Roma Finance can be employed for a wide range of purposes such as creating working capital for businesses, refinancing existing loans, purchasing property at auctions, releasing cash from inherited property, and many other uses.
What are the key features of Roma Finance’s bridging loans?
Roma Finance offers residential and commercial bridging loans that can be used to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans. Their bridging loans feature competitive rates and flexibility, which can be particularly useful in time-sensitive situations3.
Is an exit strategy required when applying for a bridging loan with Roma Finance?
Yes, in most cases, an exit strategy will be required to ensure there is a plan on how the finance will be repaid. Common exit routes include the sale of the property that the loan has been secured against or refinance via another form of finance1.
How does Roma Finance underwrite their bridging loans?
All loans at Roma are manually underwritten with a focus on the borrower instead of the property. The strength and capability of the borrower along with their exit strategy to pay off the loan are taken into consideration during the underwriting process.
