InterBay Commercial has teamed with Impact Specialist Financial to provide just under £6m of finance for two commercial cases.
The first case was a £2.9m loan for nine flats over two freehold titles. It involved a number of shareholders including a key shareholder who was located offshore as well as three directors.
It was for repaying development finance with a term loan for five years.
It was a complex case; however due to the strength of the existing relationship with the broker and the robust business case presented with supporting evidence, the application was accepted and InterBay was able to provide funding on this basis.
Some months later, Dale Jannels, managing director of Impact Specialist Finance, once again approached InterBay Commercial seeking a re-mortgage for a block of 12 flats to be held within a newly created limited company structure. The asset was a converted public house that had undergone a recent refurbishment and development to add two new flats. Due to the quality of the assets and the strong LTV position, InterBay Commercial was able to make a positive decision to support the application.
Jannels said: “These were two complex cases which needed the support of a lender who was willing to go that extra mile and think outside the box. It takes a great underwriting team to provide multifaceted solutions in a timely manner, and we are delighted to have established such a strong working relationship with Interbay Commercial. Thank you to all everyone who got involved and helped to get these incredibly difficult and time critical cases across the line.”
Darrell Walker (pictured), head of sales at InterBay Commercial, added: “It was truly a great effort from everyone who touched these cases at every stage, both at Impact and InterBay.
“I am also delighted as it reflects the range and expertise of our underwriting and the hard work and determination that the teams at InterBay deliver for our broking partners.”