InterBay bridges £4.5m for Hotelier’s growth

By Bridging Loan Directory 29th April 2024

Time can be of the essence, even with complex cases. A recent bridging deal with InterBay through SPF Private Clients took only 3 weeks from enquiry to completion for a 12 month term bridging loan, although the client expects to exit onto term within 6 months.

Russell Hall, Director, SPF Private Clients had clients who are experienced and successful hoteliers looking for £4.5m commercial short-term finance to fund the purchase of a London premises which will be converted into a hotel, adding to their growing accommodation portfolio.

Simon Ward, Specialist Finance Account Manager (SFAM) for InterBay, who works within the dedicated bridging team, met with Russell to get the full lowdown on the client’s requirements.

As the application fell outside of criteria, Simon presented the case to the internal Transactional Credit Committee (TCC), successfully securing an early confirmation as well as peace of mind for the client.

The solution was for the full £4.5m amount, at 44% LTV over 12 months. The funds were secured against an existing London hotel owned by the client.

Marc Callaghan, Head of Specialist Finance at InterBay said:

“This deal is a great example of how our InterBay can support complex bridging applications.

Simon Ward’s experience in both commercial and bridging sectors were invaluable in reaching a solution for this case, even though it fell outside of criteria.

This case really highlights the importance of having a dedicated bridging team who really know their stuff.”

Russell Hall, Director, SPF Private Clients said:

“Having InterBay’s in-house underwriters and real estate involved from the outset, teamed with their ability to be flexible, means tailored solutions can be created for our clients.

It was great to work with Simon Ward who provided great communication throughout and we look forward to working with him again.”