InterBay has arranged a £4.5m bridging finance deal in just three weeks, working with SPF Private Clients to fund experienced hoteliers’ purchase of a new London property. Russell Hall, director at SPF Private Clients, managed the clients’ needs throughout the transaction.
Simon Ward, specialist finance account manager (SFAM) for InterBay, who works within the dedicated bridging team, met with Hall to get the full lowdown on the client’s requirements.
The InterBay team embed themselves within a case to gain full background understanding of the client and their requirements so they can then fully advocate for the application.
Ward said: “The assistance of in-house underwriting and real estate teams was key in this case, the speed of the underwriting was essential to getting the case over the line and strong communication between both teams kept myself and the broker in the loop throughout the application process.”
Despite the application being outside of the usual criteria, the deal for the full amount at 44% LTV over 12 months was secured against an existing property of the clients.
Marc Callaghan, head of specialist finance at InterBay, said: “This deal is a great example of how our InterBay can support complex bridging applications. Simon Ward’s experience in both commercial and bridging sectors were invaluable in reaching a solution for this case, even though it fell outside of criteria. This case really highlights the importance of having a dedicated bridging team who really know their stuff.”
Hall also noted the effectiveness of the process, “Having InterBay’s in-house underwriters and real estate involved from the outset, teamed with their ability to be flexible, means tailored solutions can be created for our clients. It was great to work with Simon Ward who provided great communication throughout and we look forward to working with him again.”
