Commercial lender InterBay, part of OSB Group, has completed on a semi-commercial deal just 21 days from the agreement in principle.
The deal, which included a change to the company structure after the initial underwrite, was completed on a three story Victorian mid terraced property in Islington. The property houses two retail units on the ground floor and four self-contained studio flats on floors one and two, each of which have pre-existing tenancy agreements.
Both parties worked together effectively to complete at pace; solicitors were instructed at the earliest opportunity and the case was underwritten alongside the longform valuation which meant the deal could be completed efficiently.
Marc Callaghan, Head of Commercial Lending, InterBay said “This case is a great example of just how quickly InterBay can act when everybody involved in a deal is on the same page and working as one team. Mo Parmar, Specialist Finance Account Manager, and the team at InterBay acted promptly to ensure the application process ran smoothly to deliver a 65% LTV interest-only solution. Our broker partners packaged the case perfectly and were on hand at every point to ensure the case progressed swiftly.”