InterBay has completed an £8m commercial lending case covering almost 40,000 sq ft in the heart of London.
The case involved nine consecutive terraced buildings, each divided into four units with mixed usage including: office, retail and leisure.
T&T Finance approached InterBay on behalf of an experienced client who was looking to cover the purchase cost of the properties which had four vacant units at the time of sale.
Using the investment value, rather than the vacant possession value, and gaining early solicitor instruction with Walker Morris, InterBay secured the deal at 65% loan-to-value (LTV), completing the £8m loan in six days from offer.
Marc Callaghan (pictured), head of commercial lending at InterBay, said: “This type of case requires a combination of expertise, flexibility and a solution-based approach.
“These buildings were originally created for residential purposes and have been converted into various uses over the decades.
“The complexity came from four of the units being vacant, with one in a shell condition and in need of a full fit out.”
He added: “However, with our specialist knowledge, we were able to use the investment value which was backed by our internal Transaction Credit Committee and a number of in-house specialists helped navigate the complex credit situation.
“It really was a great effort by all involved and a great end result.”
Samuel Tesler, director and co-founder of T&T Finance, said: “This was a high value, complex deal and the team at InterBay really pulled this deal out of the bag to complete in only six days.
“Mo and the rest of the team kept us informed at all times and their expertise really supported T&T Finance in getting the client the funding they needed to secure their portfolio.”
