Roma Finance has completed its first commercial mortgage, providing a £2.4 million facility on a business park near Market Harborough.
The 15-year facility for Alistructures Limited completed in 25 working days and refinances an existing Roma development finance facility.
It follows the lender’s launch of its commercial mortgage range last month and its forward-flow funding agreement with J.P. Morgan, announced in June.
The commercial mortgage has a five-year fixed rate of 8.52% and was advanced at 63% gross loan-to-value against a market value of £4.2 million.
80% LET
The funding is secured against Hermitage Works Business Park on Desborough Road, just outside Market Harborough. The site comprises several offices and a new commercial building and is currently 80% let.
Tenants include a Trackman golf simulator, East Midlands Martial Arts and a Transform Hub gym. Three units remain available and are being marketed for rent through BTG Eddisons or are subject to negotiations with prospective tenants.
Alistructures, which operates in the construction and rental of commercial buildings, first approached Roma in 2024 for development finance to redevelop the site from a semi-derelict former farmyard.
The commercial mortgage allows the company to move from development finance to a longer-term funding arrangement following completion of the redevelopment and the generation of rental income from the site.
‘FIRST COMMERCIAL MORTGAGE COMPLETION’
Michael Allison, commercial director at Roma Finance, says: “It’s a particularly significant transaction for us because it’s our first commercial mortgage completion, coming so soon after we launched the product.
“We’ve been working hard behind the scenes to build the capability and funding infrastructure to support longer-term commercial lending, so seeing that come through into a completed transaction is fantastic for the team.
“What’s equally important is the journey behind the deal. We originally provided the development finance for this site, and we’ve now been able to support the customer again with longer-term funding as the asset has reached the next stage.
“Being able to work in collaboration with the broker, with the same customer across different stages of their property journey is exactly the kind of longer-term relationships we want to build at Roma.
“It shows the benefit of taking a flexible, brokers and customer-focused approach and understanding what the borrower is ultimately trying to achieve, rather than looking only at the immediate funding requirement.
“It’s been a hugely productive few months for Roma, following the announcement of our J.P. Morgan forward-flow agreement in June, the launch of commercial mortgages and now our first completion.
“Completing this deal in just 25 working days is another great result for the team and demonstrates that longer-term finance doesn’t have to mean losing the speed and responsiveness that customers value from Roma.
“There is a lot more to come, but this is a great example of what we’re building.”
‘RIGHT FUNDING STRUCTURE’
Seymour Guinness, director of Alistructures Limited, says: “Roma understood the property and our plans from the outset, having supported us with the development finance.
“Being able to move onto longer-term funding with the same lender has made the process much more straightforward and gives us certainty over the next stage of the investment.
“The development has transformed the site and it’s now generating a strong rental income, so the commercial mortgage provides the right funding structure for where the property is today. Having Roma involved through both stages has been a real benefit.”
