Development finance lender Roma Finance has helped two Midlands based property entrepreneurs purchase a string of pubs in the Lake District to convert to Houses in Multiple Occupation.
The clients found three former public houses that they planned to convert. One is to be a twenty six bed HMO and the other two will both be fourteen bed HMOs.
Roma Finance provided three separate loans totalling £240,000 over twelve months. The exit will be a commercial re-financing of each of the properties once they are converted and up and running as HMOs.
Scott Marshall, operations director at Roma Finance, said: “This was an exciting case as it’s always a pleasure to work with clients who not only have vast experience in converting property but also did their sums to make sure the yield calculations were favourable too.
“It was also a pleasure to see unused buildings, in this case pubs, being brought back to life with a positive change of use that will help the growing workforce and the local community.”