Specialist commercial lender InterBay, part of OSB Group, has funded the purchase of a 9,351 sq ft building in London’s West End for a higher education provider expanding its estate.
The property, which had been leased by the client for several years, will now be owned and operated by the organisation as part of a long-term growth strategy. The deal marks the fourth property financed by InterBay for the same client.
The borrower, supported by brokerage Fortune Finance, sought a capital and interest facility of £5.3m to secure the building. Mo Parmar, specialist finance account manager at InterBay, structured the deal on a 25-year term.
Marc Callaghan (pictured0, head of commercial lending at InterBay, said: “Having supported Nick and the team at Fortune Finance and their client with their previous lending requirements, we understand their aspirations and their specific needs, so we were delighted to support on this addition to their portfolio. This case is another great example of how InterBay can support a wide range of owner-occupier cases within the commercial arena.”
Nick Sedgwick, sales director at Fortune Finance, added: “We’d like to thank InterBay and their fantastic team for working in partnership with us on a significant number of purchases and remortgages of higher education campuses across the country, in what is an incredibly challenging time for universities. InterBay is our number one choice for any commercial lending at Fortune Financial and we look forward to sharing a bright future in collaboration.”
