This recent case demonstrates our team’s expertise and ability to find a bespoke solution that not every lender can handle. It involves two complex multi-let properties, totalling just over £10m at 75% LTV based on investment value.
Both properties are located in vibrant east London. The first is a commercial building comprising of retail units, tuition space and storage facilities. The second is a previous public house and is now a mixed-use space, comprising small retail units and a number of self-contained flats.
Due to the size and complexity of the loan, the case was presented to our Transactional Credit Committee. Several lending policy exceptions were agreed, including:
● a blended ICR and LTV to support the loan sizes across two legal owners;
● core LTV based on the open market investment value; and
● tenants on shorthold leases.
The case was able to proceed after evidence was provided of operating accounts for the last 5 years, low occupancy voids over the same period and positive tenant demand.
Marc Callaghan, Head of Commercial Lending, InterBay, said: “We were delighted to work with James Cassidy and the Sirius Finance team on this case, delivering a great result for them and their client.
This case highlights the strength and experience that InterBay has in overcoming even the most complex of commercial cases.”
James Cassidy, Senior Associate, Sirius Finance, said: “This case is a great example of how to manage complex refinancing and was expertly executed by Sirius and InterBay. Shopping centres with short-term commercial lease agreements come with their intricacies, but our partnership continues to pay dividends, providing market-leading outcomes for our clients. We are very much looking forward to working with the InterBay team on the next one!”