Bridging and development finance lender Roma Finance has launched a 5-year mortgage for property investors.
The mortgage can be used to purchase or refinance investment property or to exit a bridging loan – this includes bridging deals from other lenders.
The mortgage has a variable rate from 4.24%pa plus bank base rate, can be offered on an interest-only or repayment basis for loans up to £500,000 with a maximum LTV of 75%.
Scott Marshall (pictured), managing director at Roma Finance, said: “Extending the reach of this competitively priced mortgage to more types of investment property for purchase, refinance or as an exit strategy for a bridging loan will provide landlords with another route to financing their income-generating property.
“This is yet another example of how Roma Finance continues to develop exciting new products for the market and we expect this mortgage to be very popular with property professionals.”
For existing Roma customers, the scheme mitigates valuation risk by using the same surveyor who valued the property before the works commenced, it provides a suitable exit from the bridge and also offers its customers dual representation for the refinance, meaning the process of moving from bridge to term should only take a few days.