SFS completes record commercial loan

A packager has completed a record loan advance with a leading commercial lender, in a deal that completed in just eight days.

Specialist Financial Services has completed a record £2,150,000 buy to let mortgage with Interbay Commercial, a lender backed by the OneSavings Bank.

The deal, the largest ever commercial loan completed by Interbay, was finalised in just eight days from the point of valuation instruction, with the clients looking to repay an existing bridging loan of just over £2 million on a property in an exclusive part of West London.

The original loan had been taken out in January 2013, to assist with the purchase and refurbishment of the investment property in Notting Hill.

Speaking on the completion, Tony Sutton, MD at Specialist Financial Services, said: “The Interbay advance completed in such a short time-frame due to a massive amount of co-operation between SFS, Interbay, their in-house solicitors Paris Smith and the surveyor.

"When I originally took the phone call from the introducer to explain the situation, I arranged to meet the clients in London that evening and was able to come away with all the information I would need. But a huge thanks to the Interbay processing team is due for pulling out all the stops to make the deal happen."

A number of lenders were approached for the deal, however Interbay’s new High Net Worth product proved a far more convenient option, due to its 4 per cent above LIBOR interest rate.

SFS also managed to complete the largest ever secured loan for Prestige Finance on the same day, another lender backed by the One Savings Bank plc group of companies – to find out more about this deal, find the full article on Loan Talk.