InterBay bridges £4.5m for Hotelier’s growth
29 April 2024
Time can be of the essence, even with complex cases. A recent bridging deal with InterBay through SPF Private Clients took only 3 weeks from enquiry to completion for a 12-month term bridge, although the client expects to exit onto term within 6 months.
Russell Hall, Director, SPF Private Clients had clients who are experienced and successful hoteliers 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, who works within the dedicated bridging team, met with Russell to get the full lowdown on the client’s requirements. The InterBay team embed themselves within a case to gain full background understanding of the client and their requirements so they can then fully advocate for the application. The assistance of in-house underwriting and real estate teams was key in this case, the speed of the underwriting was essential to getting the case over the line and strong communication between both teams kept myself and the broker in the loop throughout the application process.
As the application fell outside of criteria, Simon presented the case to the internal Transactional Credit Committee (TCC), successfully securing an early confirmation as well as peace of mind for the client. 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, 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.”
Russell Hall, Director, SPF Private Clients said “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.”
