Our latest cases that have gone through the Transactional Credit Committee
Untangling a large buy to let portfolio
- Clients were looking to move their entire portfolio from existing lenders
- Comprised 155 properties (140 remortgaged by InterBay)
- The remaining 15 are being refurbished with the goal of transferring
- Clients repaying £10.5m
- To acquire additional MUFBs, £4m capital raised
- £15.9m loan agreed at 74.9% LTV
Timing is key when getting a case to offer
- Commercial investment loan of £4.5m net
- Securities consisted of two freehold titles with 23 units in total
- Structured as interest only on a 15-year period
- Current passing rent only achieved an ICR of 118%
- Exception agreed to proceed to offer subject to one of the vacant units being occupied before completion
We don't judge a commercial facility by its cover
- Client needed a net loan of 75% LTV on a commercial facility
- Loan was for £2.5m on a 20-year interest-only basis
- Income from security is a split of owner occupier and investment
- The asset required significant improvements between exchange and completion
- Case was agreed subject to a re-inspection once works completed
Refinancing result
- Semi-commercial refinance required
- Client owned the asset for a number of years and recently developed the upper parts into residential units
- Security included nine commercial shops, one storage unit and seven flats
- Agreed a loan of £3.5m on a 10-year interest-only facility
- Client repaid existing loan and released extra capital for further investment
Commercial deal with flex
- Commercial owner occupier remortgage
- Requirement for £7.37m over 10 years
- Estimated value of £11m
- Refinance saved client significant costs by clearing current lender debts
- Client wanted to exclude three non shareholding directors from the facility
A case with strong ESG credentials
- Funding on a 20-year interest-only basis for a commercial investment
- Request for 72% LTV, which includes fees
- Assets are warehouse units with a total of nine tenants
- All units had strong EPCs of B and above
- Gross loan of £3.46m was agreed subject to valuation
Flexibility focus
- Commercial investment loan for over £8.3m
- Clients looking for 75% on an interest-only loan
- Commercial freehold unit that consisted of 11 units
- Town centre location
- Clients raising just over £1m for further property investment
- Clearing current bridging debt on the asset
Fast turnarounds on buy to let
- Refinance of a freehold block of 84 buy to let units
- Previous commercial space converted to an extremely high standard
- Requirement of £13m loan to redeem current facility
- Bespoke pricing agreed
- Client needs to complete within 6 weeks
- The client has another loan in progress so total exposure with the OSB Group will be over £30m, once both loans complete
Short leasehold with planning restrictions
- Semi-commercial period asset comprising of offices and two residential units
- Short leasehold of 47 years on the asset
- Residential units had a temporary planning restriction for 10 years
- Clients looking to acquire and work through enfranchisement of lease while holding on a term loan
- The case was agreed on a 5-year term up to 50% LTV (subject to survey)
Multiple factors considered on a commercial loan
- Commercial investment loan for £3.2m
- Unit comprised of 7 different tenants and one vacant unit
- WAULT to break was at 3.69 years, however clients wanted a 10-year interest only loan
- Some of the leases would expire within 12 months from the start of the loan
- The client also requested a limited personal guarantee
- The case was agreed at a 75% LTV
Semi-commercial capital raising
- £3.41m semi-commercial loan
- 67% LTV gross
- Remortgage with a small capital raise taking out existing development lender
- Asset comprised a retail unit on the ground floor and 16 flats above
- Client recently acquired and redeveloped with site with planning
When only “interest only” will do
- £12.13m commercial loan
- 71.50% LTV gross
- Looking for a 10-year term on interest only
- Refinance to clear existing debt and then capital raise for further investment
- Securities comprised retail units in east London
Providing solutions where the high street can’t
- £21m loan on a portfolio of commercial offices
- Broker had approached the High Street for funding on these assets in late 2023, however the funder hadn’t gained credit committee approval
- We met with the brokerage and within one week had presented the case to our Transactional Credit Committee
- Agreed to fund against the investment value of the portfolio
- Re-addressed the existing valuation report to InterBay to save the client time and money
- The case was due to complete within four weeks
Commercial deal to support partner buy out
- Commercial loan for £7.35m on a recently converted car showroom that has been converted into 18 units (retail and office mix)
- Asset has an estimated valuation figure of £13m
- Clients were looking to raise against their current debt to release capital to buy out one of the existing partners
- Client has been offered a 5-year fixed rate, subject to full underwrite and valuations
Bridging success
- 12 month bridging loan on a multi-unit freehold block of 83 units
- Strategy to purchase, refurbish some of the blocks, then relist on the market
- All necessary works scheduled to be completed between exchange and completion stages
- Agreed bridging loan for 90% of the purchase price, which is 67% of the market value
Large MUFB
- Large multi-unit freehold block consisting of 58 units
- Converted under permitted development in 2022
- Mix of assured shorthold tenancies and corporate let agreements
- Agreed loan of £6.89million at 75% LTV
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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.
Simon Ward
Specialist Finance Account Manager
Areas covered
Midlands
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.
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.
