Bridging Finance helps ROCC snap up a bargain

LOAN company Bridging Finance has provided ROCC Construction with the funds to acquire a £1.1m residential development at half price.

The Manchester-based firm provided short-term funding to enable ROCC to purchase the site in Mirfield, in West Yorkshire, for £550,000.

The site consists of 5 properties – which are all either three or four bedroomed – and all were 95% complete.

The development is understood to have been liquidated which gave Wakefield-based ROCC the opportunity to purchase it.

Bridging Finance Limited’s managing director, Chris Baguley, said: “ROCC contacted our offices during the week prior to Christmas to see if we could provide the capital they needed to secure the deal. 

“Thanks to our rapid and no-nonsense service their loan was advanced on the morning of December 23 – just in time to complete before the deadline.

“This is a classic example of how short-term funding is the perfect tool for developers and other property professionals who need to raise capital quickly so that they can grasp a fleeting opportunity.  We are pleased to have had a hand in getting ROCC Construction off to a flying start in 2010.”

Chris Thompson of ROCC Construction said: “We are over the moon to have acquired this fantastic development in such a popular area.

“It is thanks to the efficient service provided by Bridging Finance that we were able to secure the deal and complete on schedule.  We are now looking forward to a successful marketing campaign and to more great opportunities in the year ahead.”

The properties are now on the market at prices ranging from £250,000 to £425,000.