InterBay and Coreco complete refinancing of 95-unit BTL portfolio

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  • 21/11/2019
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InterBay and Coreco complete refinancing of 95-unit BTL portfolio
InterBay Commercial has completed the refinance of a portfolio owned by two property developers encompassing 95 different buy-to-let units.

 

The borrowers wanted to refinance their existing deals and raise further capital for future investments, with the deal totalling over £23.7m.

The properties were held by two limited companies, which were respectively owned by a UK family trust.

The lender said that because of the size of the loan and the complexity of the company set up, it was taken to its transactional credit committee, which meant it could give an early indication as to whether an application would be accepted, as well as offering more time to get in requests for specific information.

Adrian Moloney (pictured), sales director of InterBay’s parent company One Savings Bank, noted that the deal took months of hard work to pull together, but because of the detailed preparation it was then able to move quickly once everything was in place. 

Julian Ingall, director of Coreco Specialist Finance, who introduced the deal, emphasised that the transaction was particularly complicated and involved many teams working closely together to ensure everything was properly assessed.

He added: “Although there are other lenders that put their hands up for these types of deal, rarely do they have the tenacity or experience to make it happen. The team at InterBay Commercial go the extra mile for the client and we’re always impressed with their attention to detail and professionalism at every stage.”

 

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