- Loan amount: £79,000
- Term – 12 months
- Current Market Value – £113,000
- GDV – £165,000
Roma Finance has facilitated the successful purchase of an auction property in Basildon, Essex, completing the transaction in just nine days. The property, a ground-floor maisonette, was secured quickly by an experienced landlord who plans to refurbish and let it out.
With refurbishment costs estimated at just £12,000, the borrower stands to make an impressive £40,000 profit even before rental income is factored in. The property is ideally located, offering a 35-minute commute to central London, making it particularly attractive to tenants seeking more affordable living while staying connected to the capital.
The borrower brings a wealth of experience, having been a landlord since 2007. Their background includes managing a diverse portfolio and completing numerous residential and commercial refurbishment projects, making them well-equipped to maximise the potential of this investment.
Jahanzeb Habib, Business Development Executive at Roma, commented: “It’s always incredibly rewarding to complete cases like this with such speed. Auction purchases demand fast, decisive action, and this was no exception. Completing in just nine days is a personal record, and I’m proud of the Roma team and our borrower for moving so efficiently.”
Fersum Sehher, Underwriter at Roma, added: “Auction cases are always interesting due to their rapid turnaround. Thanks to the borrower’s professionalism and experience, everything went smoothly. This is exactly how auction purchases should be: fast, efficient, and well-coordinated.”
The borrower commented on their experience throughout the case with Roma. “I’ve just used Roma for the first time on a bridging loan for an auction purchase. I sent the application late in the afternoon, and Jay processed it immediately. The next day, Fersum contacted me to discuss it. I was regularly updated throughout the process. They ensured that we completed on time”.
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