October Newsletter 1

Buy To Let and HMO

Creative thinking by InterBay helps client raise 75% LTV on an industrial, multi-unit workspace

  • Finance required for limited company client to purchase a block of industrial
    serviced offices
  • Property market value £6.4m
  • 10-year facility, fixed for 5-years

A limited company client got in touch looking for finance to enable them to purchase a block of industrial serviced offices valued at £6.4 million in London’s vibrant East End. In keeping with the client’s wider business model they had leased the building for a period of time and spent a significant amount of money transforming the building into multiple units to be let to local businesses.

An option to purchase the building at a preferential rate via a formal option agreement was negotiated by them and the existing leaseholder. The limited company needed to borrow 75% of the open market value to cover the purchase, cost of the refurbishment works and a small capital raise for further property investment purposes. This equated to 106% of the option agreement purchase price and allowed them to raise £4.8 million on a 10-year facility, fixed for five years.

They were struggling to secure further funding from their existing bank as they had reached their lending exposure. Other lenders were also reluctant to lend to them as it was a serviced property model and the client had less than two years’ track record on the current asset. We were able to use the success of the wider limited company group to mitigate the risk of them having less than two years’ track record. The wider group had significant experience with running serviced rental properties and demonstrated a strong profit within the business which Interbay were able to cross charge into.

Broker Daniel Churchill at Pure Funding Solutions and InterBay’s specialist finance account manager Davey Gurm worked closely together to get the deal through as smoothly as possible. Davey worked with the client to get the information needed to present it to our Transactional Credit Committee for approval. He also worked with our experienced underwriters to help them understand the case, as well as the solicitors to ensure all the necessary legals were in order, to secure the mortgage the client needed to make the purchase.

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Davey Gurm

Specialist Finance Account Manager
Areas covered

London and Greater London


I joined the team as a specialist finance account manager in 2021 after holding similar roles at a number of other financial services companies. I enjoy interacting with brokers and am dedicated to supporting our ongoing commitment to strengthen relationships with all of our intermediary partners.


Kevin Beale

Specialist Finance Account Manager
Areas covered



I joined the company more than seven years ago, initially as national sales manager, then as new build distribution manager, before moving over to my current role. I love working closely with my broker partners and helping them to access products that their clients might struggle to get on the high street.

Mo Parmer (1)

Mohinder Parmar

Specialist Finance Account Manager
Areas covered

London and South East


I joined the group in 2022 after more than 20 years of experience working in banking, first as a private banker then as a relationship manager looking after my broker partners. The thing I love especially about specialist lending is that every case I receive is different with its own set of challenges, so when I’m able to finally get it over the line it gives me a real sense of achievement. I’m really looking to helping you with your complex cases and showing off our exciting proposition.


Charlotte Parker

Specialist Finance Account Manager
Areas covered

South West


I’ve been supporting brokers in South West ever since joining the company in April 2019. With nearly 20 years of experience working in financial services, I’ve developed a detailed knowledge of the mortgage market which means I’m perfectly placed to help you with your cases. Whatever support you need, I’m here to provide solutions to complex cases, and diffuse and resolve any issues that may arise during the processing of an application.

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This information is for mortgage professionals only and not intended for use by the general public. All rates, programmes and pricing are subject to change at any time and without prior notice. Mortgages are subject to valuation and approval.