InterBay Commercial and Impact Specialist Finance deliver £6m funding

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  • 12/02/2019
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InterBay Commercial and Impact Specialist Finance deliver £6m funding
InterBay Commercial, part of OneSavings Bank, has partnered with Impact Specialist Financial to provide almost £6m of finance for two complex commercial cases. 

 

The partnership came about after Impact managing director Dale Jannels (pictured) approached InterBay to work on the two cases.

In the first case, which involved a £2.9m loan to finance nine flats over two freehold titles, required a term facility for an application exiting a development loan.

The facility was underwritten on the basis of the loan being secured against seven flats under one freehold and a further two units under another freehold.

As well as having three directors, the company developing the flats had numerous shareholders, including one key figure who is located offshore.

It was a complex case, but with the robust business case presented and supporting evidence, the application was accepted and funding provided.

The second deal was for a re-mortgage for a block of 12 flats to be held within a newly created limited company structure.

The asset was a converted public house, that had undergone a recent refurbishment and development to add two new flats.

The lender said that due to the quality of the assets and the strong loan to value it could support the application.

Jannels said: “These were two complex cases which needed the support of a lender who was willing to go that extra mile and think outside the box.”

 

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