Roma rewarded for major shake-up in 2017
By Scott Marshall, managing director
Roma Finance is delighted to have won the NACFB award for Best Small Funder of the Year in 2017. The award is testament to the way Roma has worked to disrupt and change the bridging finance market in 2017 with the focus being on delivering accelerated completion times and first-class service to introducers and customers looking to develop property.
By introducing new systems and processes they are targeting the completion of most cases within an average of just 15 days. According to Bridging Trends, the current industry average is 43 days.
To achieve this major change, Roma began a lean six sigma project to review every aspect of its bridging process, from initial enquiry through to completion back in May 2017.
All aspects of the way bridging applications are handled were put under the microscope. The project resulted in 65 process improvements implemented in two stages. 29 key wins were introduced in July and the remainder on 1st October. Several introducers and customers contributed to the project to ensure the voice of the customer was carried through. The results have been impressive and Roma now believes it leads the market with a consistent, transparent, predictable and unrivalled proposition.
Deliverability, speed of completion and simplicity were given as the three most important considerations when choosing a bridging lender.
As a result, Roma has simplified and speeded up the application, valuation and legal requirements, which means deals can now complete weeks ahead of other firms and introducers get their fee and commission much earlier.
The new fast track service has quickly become Roma’s standard way of working and is offered on all cases, including changes of use, conversions, HMOs, buying at auction and lending against un-mortgageable properties.
Commenting on the NACFB award and the new process, Scott Marshall, managing director at Roma Finance, said: “Service will be a key differentiator in 2018 and we believe we are ahead of the pack with our new service proposition. The recognition the award gives the team at Roma is significant in that it acknowledges how we are changing the market and the hard work and passion the team put in to delivering the new way of working.
“It has been empowering examining every aspect of a transaction with a new perspective. We’ve challenged the way we operated, interrogated data and employed technology to change the way we do business, in order to materially reduce the timeframe in which a loan can complete, without increasing lending risk. The NACFB award has been the cherry on the cake and a terrific way of ending the year.”