A recent bridging deal with InterBay through SPF Private Clients took three weeks from enquiry to completion for a 12-month term bridge, although the client expects to exit onto term within six months.
Russell Hall, director, SPF Private Clients, had experienced hotelier clients looking for £4.5m commercial short-term finance to fund the purchase of a London premises which will be converted into a hotel, adding to their growing accommodation portfolio.
Simon Ward, specialist finance account manager (SFAM) for InterBay, worked with Hall to establish the client’s full requirements. The assistance of in-house underwriting and real estate teams was key to getting the case over the line. As the application fell outside of criteria, Ward presented the case to the internal transactional credit committee (TCC), successfully securing an early confirmation. The solution was for the full £4.5m amount, at 44% LTV over 12 months. The funds were secured against an existing London hotel owned by the client.
Marc Callaghan (pictured), head of specialist finance at InterBay, said: “This deal is a great example of how our InterBay can support complex bridging applications. Simon Ward’s experience in both commercial and bridging sectors were invaluable in reaching a solution for this case, even though it fell outside of criteria.
“This case really highlights the importance of having a dedicated bridging team who really know their stuff.”
Hall added: “Having InterBay’s in-house underwriters and real estate involved from the outset, teamed with their ability to be flexible, means tailored solutions can be created for our clients. It was great to work with Simon Ward who provided great communication throughout and we look forward to working with him again.”
