Specialist commercial lender InterBay, part of OSB Group, has completed a pair of complex commercial loans totalling just over £10m, secured on two multi-let properties in London’s east end. The facilities were structured at 75% loan-to-value based on investment value, with funds used to refinance existing debt and raise capital for further investment.
The two assets were held under separate legal ownership but cross-collateralised to support the structure. One property includes a commercial building offering bazaar-style retail space across the ground and first floors, with tuition space and storage above. The second, a converted former public house, now includes small retail units at ground level and nine self-contained flats on Assured Shorthold Tenancies across the upper floors.
Due to the complexity and size of the transaction, the application was escalated to InterBay’s Transactional Credit Committee for executive-level assessment. Several policy exceptions were agreed, including a blended interest coverage ratio and LTV across the two owners, use of open market investment value, and acceptance of tenants on short-term leases. Supporting factors included strong five-year operating accounts, consistently low voids and clear evidence of tenant demand.
Marc Callaghan, head of commercial lending at 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. The InterBay team worked closely with Sirius to help provide a tailored solution for a case that not every lender would be able to handle. This case highlights the strength and experience that InterBay has in overcoming even the most complex of commercial cases.”
James Cassidy, senior associate at Sirius Finance, added: “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.”
