Repeat borrower turns to specialist lender to borrow £5.3 million
InterBay, a commercial lender under the OSB Group umbrella, has financed the purchase of a teaching facility in London’s West End for a higher education provider aiming to grow its campus footprint.
The 9,351-square-foot property had previously been leased by the borrower, who seized the chance to acquire it when it became available for sale. The building now joins three other properties already funded by InterBay for the same client.
To complete the transaction, the lender provided £5.3 million on a capital and interest basis. The deal was structured over 25 years by Mo Parmar, specialist finance account manager at InterBay, drawing on his experience in commercial finance.
“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,” stated Nick Sedgwick, sales director at Fortune Finance. “InterBay is our number one choice for any commercial lending at Fortune Financial, and we look forward to sharing a bright future in collaboration.”
“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,” said Marc Callaghan (pictured), head of commercial lending at InterBay. “This case is another great example of how InterBay can support a wide range of owner-occupier cases within the commercial arena.”
The transaction follows InterBay’s earlier relaunch of its commercial and semi-commercial lending products, which included rate reductions and expanded options for brokers looking to offer more tailored solutions to their clients.
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