Specialist property lender receives £15m boost to help housing developers
Roma Finance, the Manchester property lending specialist, received a £15m fillip from British Business Investments today (January 25).
The investment will help increase access to finance for smaller scale housing developers.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK, by boosting the lending capacity of a range of finance providers.
Since it was established in 2014, British Business Investments has committed more than £3bn to providers of finance to UK smaller businesses.
This £15m commitment will enable Roma Finance to support smaller housebuilders with vital funding to help with the construction of new residential homes.
Roma has a strong track record of supporting the under-served market of small, independent construction firms across the UK, having helped more than 2,500 customers create new residential dwellings.
Roma is active in commercial to residential conversions and small to medium-sized new build housing developments, with projects ranging from £75,000 to £3m. Roma is also committed to providing energy-efficient homes, having recently funded the first commercially available carbon neutral properties in South Lanarkshire, Scotland.
Judith Hartley, British Business Investments CEO, said: “British Business Investments is committed to ensuring smaller businesses across the UK can access as diverse a range of finance options as possible, to help them grow and succeed.
“We also seek to support sustainable growth and enable the transition to a net zero economy, by improving access to finance for smaller businesses.
“This £15m commitment to Roma Finance supports our objectives as Roma Finance provides much needed support to the smaller housebuilding sector which has been subject to restricted access to funding in recent years.”
Roma Finance managing director, Scott Marshall, managing director, said: “This new funding arrangement will help us support yet more good quality smaller schemes around the country.
“British Business Investments’ goal is to make finance accessible to smaller businesses. Our visions and ideals are very much aligned and we have close relationships with many builders and property investors.”