Refinances Block Of 15 Units 1920X507 Px

Buy To Let and HMO

InterBay refinances block of 15 units under exception policy

  • Refinance to enable future conversion
  • £1 million loan at 65% LTV on 10-year term 5-year fixed facility
  • Block of flats included 15 units - one of those units made the deal fall outside of policy

An investor got in touch with their broker for help in refinancing a block of 15 units. The block was made up of 10 residential flats and five retails units, one of which was a launderette. The client needed a £1 million loan at 65% LTV on a 10-year term with a 5-year fixed facility.

The broker contacted InterBay who told them the launderette would normally make the deal fall outside of policy, but that they would be happy to investigate the case further. The launderette would usually be viewed as high risk due to the use of chemicals however the cleaning requiring chemical use was being carried out offsite.

Upon investigation, InterBay’s underwriting and real estate teams decided that as the launderette was the last on the block and its cleaning was being done offsite, it wouldn’t present a risk to the other 14 properties. InterBay saw the potential strength of the application and found a way to make sure the smallest property on the block of 15 units didn’t bring down the whole case.

As the case including the launderette wouldn’t have met InterBay’s standard criteria, it was done under an exception policy. The other 14 units were fine and real estate were satisfied that the value of the property was sound and could be converted in the future. InterBay was able to offer the client the refinance deal they needed.

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Dave

Davey Gurm

Specialist Finance Account Manager
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London and Greater London

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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.

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Simon Ward

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Midlands

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Having worked in the industry for more than 20 years, I’ve gathered an extensive knowledge of the mortgage process. I joined the company in 2018, first as a business development manager, then as a specialist finance account manager. My experience helps me to understand the challenges brokers face and allows me to help with the most complex of cases.

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Mohinder Parmar

Specialist Finance Account Manager
Areas covered

London and South East

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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.

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Charlotte Parker

Specialist Finance Account Manager
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South West

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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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