InterBay Commercial completes £16m refinancing deal in less than six weeks

InterBay Commercial has completed a £16m refinancing deal in less than six weeks.

The specialist lender was approached by Vantage Finance, whose client required the refinance for a block of flats in London as well as capital raising to repay existing development finance totalling just under £16m.

The development was originally for 160 units, but with 116 already sold, the client was seeking BTL funding on the remaining 44 units.

The case was presented to InterBay’s transactional credit committee to provide an early indication as to whether the application would be accepted and if further evidence was required.

Darrell Walker, head of sales at InterBay Commercial (pictured above), said: “This case is testament to everyone involved from InterBay to Vantage who pulled out the stops to achieve a positive customer outcome.

“At InterBay, we have a vast amount of knowledge and experience in every single department, which means we can very quickly unravel a complex case to get it over the line.”

Lucy Barrett, managing director at Vantage Finance, added: “Something that can be lacking in the market is the ability for transactions to move quickly with [the] support of key decision makers, but the collaboration between the two businesses that have enjoyed a successful relationship over many years enabled us to offer the customer a really good solution which was turned around quickly and efficiently.” 

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