The loan was completed in 20 days — from the time the valuation date was received to final completion.
Each building comprises 14 residential units in addition to other commercial and mixed-use units.
Due to re-occurring arrangement fees for the existing finance with a high street lender, the client — who had an ongoing relationship with OneSavings Bank — chose to seek finance elsewhere.
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InterBay presented the case to OneSavings Bank’s transaction credit committee (TCC) for approval due to the size of the loan and one of the commercial units being outside of its underwriting criteria, which allowed the specialist lender to provide the loan.
“This case is a prime example where the borrower, broker and borrower’s lawyer were all fully engaged, motivated and prepared to work closely with the InterBay team from the outset to enable this complex case to complete within the client’s timeframe,” said Kelly Rule, senior business development manager at InterBay Commercial.