Development finance lender Roma Finance has obtained a £2m increase in its funding line with the Greater Manchester Combined Authority (GMCA) to create jobs and build homes.
This brings its funding from £3m to £5m to allow Roma Finance to expand its loan capacity, which is expected to reach £250m by the end of next year.
The lender was established in 2008 and provides bridging and development property finance to developers and investors looking to build property in England, Wales and Scotland.
Roma Finance secures around 100 loans each month.
Matthew Severs (pictured), finance director at Roma Finance, said: “Funding from the GMCA has enabled us to continue with our exciting growth plans and our people play a key role in that.
“In the last 12 months, we have been able to increase our workforce to support our expansion with the confidence of GMCA funding, and we are proud of the fact that the vast majority of our employees live within the Greater Manchester area – the place we call home. We look forward to utilising the increased facilities from GMCA to support this strategy going forward.”
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Councillor David Molyneux, GMCA’s portfolio lead for resources and investment, added: “The additional £2m funding for Roma Finance underscores our commitment to supporting initiatives that drive economic growth and address the critical needs for housing across our city-region.
“By facilitating more financing options for property developers and builders, we can help deliver much-needed homes and create valuable opportunities for local employment and investment in Greater Manchester.”
In Q2, the lender reported a record level of loan completions.
