Of the total sum lent, £20m was provided as a 10-year interest-only commercial investment facility, fixed for five years, used to refinance 350 student bedrooms in Bradford, Hull, Liverpool, Middlesbrough, Nottingham and Preston.
The remaining £4.9m comprised a heavy refurbishment bridging loan, secured against an existing owned asset.
All of the student accommodation properties were previously mortgaged with InterBay and have been refurbished.
Given the size and complexity of the deal due to the volume of units involved, the client was assisted by OBS Group’s HNW team and approved by the bank’s internal transactional credit committee.
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Marc Callaghan, head of specialist finance at InterBay (pictured above), said: “Truly understanding our clients’ and their customers’ requirements, including how they operate, the level of support they require and using the expertise available, are important factors for being able to close a deal with a tailored solution for a positive customer outcome.”
Richard Stott, managing director of Kexgill Group, added: “Securing medium-term fixed-rate debt in a variable market is important for our group, particularly where we are creating scale in locations outside our Hull base.
“[This] has been a stress-free deal in a market which has seen considerable flux in recent months.”
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