The finance was advanced at 75% LTV and fixed at 4.99% for five years.

InterBay lent against 25 units with the remaining three allocated for social housing.

The lender provided finance based on the aggregate value of the individual units, rather than a block valuation.

Conor McGinn, broker at CMC Mortgages, and InterBay’s specialist finance account manager Davey Gurm, worked closely together to get to completion.

As the deal was worth more than £3m, the application was then subject to approval by the bank’s internal transactional credit committee (TCC) — made up of senior people from across the business — before valuations were instructed.

•   What does the specialist finance industry need in 2023 and beyond?
•   Cambridge & Counties completes £1m commercial facility for hotel renovation
•   Cynergy secures £20m capital loan from BBI

Davey presented the case with the full support of the TCC members, and the case was agreed with InterBay’s underwriters in direct contact with Conor throughout the deal.

Conor said: “It was great working with Davey on this development exit case.

“Although there were a few challenges to negotiate, Davey and InterBay helped get the case across the line as smoothly as possible.”

Marc Callaghan, head of specialist finance at InterBay (pictured above), added: “This case is a great example of our partnership approach.

“By working in synch with both clients and brokers, our specialist finance account managers help shape the case and drive the process forward to achieve that all important positive client and broker outcome.”