A semi-commercial investor contacted their broker, who’s previously worked with InterBay through one of our broker partnerships, about a remortgage case in Essex with a property value of £8.28m. The deal was 19 units, made up of 7 commercial units on the ground floor and 12 residential flats above. They were struggling to secure the funds as the case didn’t meet the criteria of many lenders.
The current occupancy made the case more complex as 4 of the commercial units were vacant and the case sat outside of InterBay’s semi-commercial criteria. Because of this, one of our Specialist Finance Account Managers presented the case to our internal Transactional Credit Committee, successfully securing an early confirmation as well as peace of mind for the client.
Our teams worked together with our broker partner to ensure a smooth process for the investor, which enabled us to drive the case forward and complete in just over two months. The deal was £5.55m at 67% LTV over a 10-year interest only term.