An independent lender which specialises in property finance has secured a £15m boost from British Business Investments.
Roma Finance, which is headquartered in Manchester, will use the funding to support smaller housebuilders with money to help with the construction of new residential homes. The company has invested more than £30m in the North West in the last three years.
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 £3.0bn to providers of finance to UK smaller businesses.
Scott Marshall, managing director, Roma Finance, said: “We’re thrilled to announce this new funding arrangement which 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.
“We’re committed to funding projects that benefit our communities and we offer fast decisions, access to our significant property expertise and a dedicated point of contact throughout the whole process, from application through to completion of the build and resale. We are very excited about this new partnership, and this will help our customers.”
Judith Hartley, CEO, British Business Investments, added: “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.
“Supporting independent, regionally based operators helps to diversify the finance market and provide more choice for companies in the North West and across the UK, so they can access the finance they need to grow and prosper.”