InterBay Commercial completes £16 million complex case funding in under 6 weeks
InterBay Commercial, part of specialist mortgage provider and retail savings group OneSavings Bank, was approached by Vantage Finance on behalf of a client seeking refinance of a block of flats and capital raising to repay existing development finance totaling just under £16 million.
The commercial development, located in London, was originally for 160 units but with 116 units already sold to owner occupiers and investors, the client was seeking to secure buy to let funding on the remaining 44 units.
Due to its loan size and complexity, the case was presented to InterBay’s transactional credit committee to provide early indication as to whether the application would be accepted and if further evidence was required.
Timing was an integral factor to the completion of this deal and the InterBay team managed to move the case from the initial client meeting to completion in less than 6 weeks.
Darrell Walker, pictured, Head of Sales, InterBay Commercial, said:
“This case is testament to everyone involved from InterBay to Vantage who pulled out the stops to achieve a positive customer outcome. At InterBay we have a vast amount of knowledge and experience in every single department which means we can very quickly unravel a complex case to get it over the line. Working with Vantage is always a really positive experience and we are looking forward to our continued successful partnership.”
Lucy Barrett, Managing Director, Vantage Finance, commented:
“This is an example of a situation where it’s imperative that you have a team of people engaged and prepared to find ways to structure a transaction in a fluid and pragmatic way. We definitely achieved this between Vantage, InterBay, Paris Smith and the borrower’s lawyers. Something that can be lacking in the market is the ability for transactions to move quickly with support of key decision makers, but the collaboration between the two businesses that have enjoyed a successful relationship over many years enabled us to offer the customer a really good solution which was turned around quickly and efficiently.”