Roma Finance has updated its product range as it looks to triple its loan book in 2016.
The Manchester-based bridging lender’s ‘Standard 6’ and ‘Standard 9’ products, named after having six and nine month terms, are now priced at 1.05% and 1.10% with a no exit fee option costing an additional 0.15%.
Roma’s 0.45% product remains, but is now called ‘Roma 3’ to reflect its three month term.
The new range is designed to suit clients looking to fund HMOs, property renovations and unmortgageable properties.
Roma’s maximum loan size remains at £650,000 and 100% LTV is possible with additional security.
The lender’s rates are term rather than LTV dependent, meaning they won’t increase even if a property down values.
Scott Marshall, director at Roma Finance (pictured), said: “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.”