Specialist lender InterBay has completed an £8m commercial finance deal in six days, supporting the acquisition of nine terraced buildings in central London with mixed-use occupancy across nearly 40,000 sq ft.

The transaction, arranged by T&T Finance on behalf of a seasoned investor, covered the purchase of a portfolio comprising office, retail and leisure units.

Four of the 36 individual units were vacant at the time of purchase, including one in shell condition requiring a full fit-out.

Despite the complexity of the case, InterBay structured the finance using the investment value rather than the vacant possession value, allowing the lender to offer a facility at 65% loan-to-value.

Early instruction of solicitors Walker Morris enabled the deal to move swiftly, culminating in completion less than a week after offer.

Marc Callaghan, head of commercial lending at InterBay, said the transaction demonstrated the lender’s ability to adapt to challenging circumstances. “This type of case requires a combination of expertise, flexibility and a solution-based approach,” he said.

Callaghan (pictured) added: “These buildings were originally created for residential purposes and have been converted into various uses over the decades. The complexity came from four of the units being vacant, with one in a shell condition and in need of a full fit out.

“However, with our specialist knowledge, we were able to use the investment value which was backed by our internal Transaction Credit Committee and a number of in-house specialists helped navigate the complex credit situation. It really was a great effort by all involved and a great end result.”

The properties, all located in a prime central London area, offered significant alternative use potential, which helped InterBay’s in-house real estate team to clear valuation and underwriting hurdles in a short timeframe.

Samuel Tesler, director and co-founder of T&T Finance, praised the lender’s handling of the case. “This was a high value, complex deal and the team at InterBay really pulled this deal out of the bag to complete in only six days,” he said.

“Mo and the rest of the team kept us informed at all times and their expertise really supported T&T Finance in getting the client the funding they needed to secure their portfolio.”