Positive Lending has completed a high net worth residential investment loan for £1.55m with InterBay, progressing the case from offer to completion in seven working days.

The loan was secured against six tenanted flats in East London with an aggregated value of £2.5m. The loan was offered at 4% over three month LIBOR with a 1.70% arrangement fee.

This particular loan was offered on a 10-year interest-only basis but the applicants could have had a 30-year interest-only facility if desired.

Chris Fairfax, managing director of the Bournemouth based specialist distributor and packager said: “Amongst challenger lenders,

“InterBay offers competitively priced products for commercial, semi-commercial and residential investment but, in our experience, can deliver fast completions if required.”

Andy Reid, national key accounts manager at InterBay Commercial, said: ”We are fast gaining a reputation for being able to complete deals with speed and this is another prime example of InterBay and the Key Partner working well together to achieve the target date.

“Well done to Chris and his team who have embraced the services we are able offer them and their clients.”