Adrian Moloney

InterBay Commercial completes semi-commercial deal in five weeks

InterBay Commercial has completed a £240,000 loan for the purchase of a semi-commercial unit in south London.

The lender was approached by its broker partner, Empire Finance, on behalf of a client looking to secure funding for a new business location to help them separate their commercial operations from their family home.

The client needed the funds quickly as the vendor was in the process of splitting the property by selling the flat and leasing the commercial unit.

Gareth Broome, commercial finance broker at Empire Finance, said: “This application was initially outside of InterBay Commercial’s published lending criteria, but we were able to seek and secure an upfront agreement from their transactional credit committee, giving us comfort that the application would be acceptable in principle and saving valuable time.”

InterBay presented an offer in 10 working days from the loan application — following a full commercial valuation — and the case was completed in five weeks.

The £240,000 loan was secured at 60% LTV across a 10-year term.

Adrian Moloney, group sales director at OneSavings Bank (pictured above), added: “This was a well presented and packaged case and showcases InterBay’s ability and expertise to get a deal over the line in record time.
“At a time when semi-commercial cases are often stalling due to the challenging environment we are all dealing with, it’s great to share this example of professional teamwork that came together for a positive outcome for the client."

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