Specialist lender InterBay has provided £5.3m in finance to support the purchase of a West End property by a long-standing higher education client.
The client, which has previously secured funding from InterBay for three other properties, had been leasing the 9,351 sq ft building for several years before an opportunity arose to buy the site and become owner-occupier. The property will now serve as an additional teaching space as part of the organisation’s wider expansion strategy.
The deal was arranged on a capital and interest basis over a 25-year term. It was structured by Mo Parmar, specialist finance account manager at InterBay, who drew on his commercial lending experience to tailor the solution.
Marc Callaghan (pictured), head of commercial lending at InterBay, said: “Having supported Nick and the team at Fortune Finance and their client with their previous lending requirements, we understand their aspirations and their specific needs, so we were delighted to support on this addition to their portfolio. This case is another great example of how InterBay can support a wide range of owner-occupier cases within the commercial arena.”
Fortune Finance, which introduced the deal to InterBay, has worked with the lender on a number of previous transactions in the higher education sector.
Nick Sedgwick, sales director at Fortune Finance, said: “We’d like to thank InterBay and their fantastic team for working in partnership with us on a significant number of purchases and remortgages of higher education campuses across the country, in what is an incredibly challenging time for universities.
“InterBay is our number one choice for any commercial lending at Fortune Financial and we look forward to sharing a bright future in collaboration.”
