T&T Finance approached the specialist lender on behalf of an experienced client who was looking to cover the purchase cost of nine consecutive terraced buildings, each divided into four units with mixed usage including office, retail, and leisure.

At the time of sale, the properties had four vacant units.

InterBay’s ability to flex around criteria, along with the team’s expertise in the commercial arena, came to the forefront to ensure the deal got over the line.

This, teamed with the prime location of the buildings and the possible alternative uses, meant the in-house real estate team cleared any challenges so that the case could progress.

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Using the investment value, rather than the vacant possession value, and gaining early solicitor instruction with Walker Morris, the lender secured the deal at 65% LTV and completed the £8m loan in six days from offer. 

Marc Callaghan, head of commercial lending at InterBay (pictured above), 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.

“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, adde3d; “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.”