Brightstar worked with InterBay Commercial to expedite a loan of more than £18m to transition a professional landlord’s portfolio into a corporate structure when the anticipated lender withdrew funding without any prior notice at the eleventh hour.
The case involved 130 properties and legal entity transfers and was completed 31 days after it was introduced to InterBay.
After approval by the bank’s Transactional Credit Committee the broker and lender internal teams expedited the valuation and underwriting process to ensure the client met their targeted completion deadline.
Brightstar Financial CEO Rob Jupp praised Interbay for pulling out all the stops to enable the client to meet the original completion deadline, even though the case was inherited from another lender. “They added value at every stage of the process,” he added.
OneSavings Bank sales director Adrian Moloney added that it “was truly a great effort from the whole team and everyone who touched this case at any stage played their part”.
Development exit facility
Meanwhile, Thistle Finance completed a £4.5m exit facility on a residential development in Hampshire through Oblix Capital.
The developer now has 12 months to sell the remaining units in Gosport marina on a more competitive rate.
Thistle Finance secured the original development loan two years ago through a major challenger bank and has now transferred its client onto a market-leading development exit rate through Oblix Capital.
The market value of the four- and five-bed units has since risen by more than 10% and the deal will allow the developer to “extract maximum value from its 13 units”, the broker said.
Thistle Finance managing director Mark Dyason said the broker was thrilled to have helped realise the project.
“Our client is undertaking some impressive developments and Oblix Capital were on hand to offer an equally impressive exit facility with a market-leading rate.
“It’s now full steam ahead on getting the rest of the units under offer,” he said.
Oblix Capital sales director Andy Reid added: “For us, this development was an immediate green-light.
“A number of the units have already been sold and we expect the rest to be snapped up very quickly.
“To provide the borrower with total flexibility and peace of mind, along with a competitive rate there are no early repayment charges on this facility.”