InterBay has completed a £17.5m refinance of a 33-property mixed-use portfolio, enabling an experienced investor to release capital for future acquisitions.
The specialist lender provided the funding against a portfolio comprising 25 commercial and eight semi-commercial properties, with 62 commercial tenancies across retail, office and light industrial assets.
The transaction was introduced to InterBay by James Baughan of Independent Lending through SFAM Simon Ward.
The borrower’s objective was to maximise leverage against the portfolio in order to release capital for further acquisitions. InterBay agreed lending at 75% loan-to-value based on the portfolio’s market value, providing the level of funding required to support the client’s expansion plans.
As part of the deal, the lender also established a £25m credit facility to provide additional flexibility for future purchases and support the investor’s longer-term acquisition strategy.
InterBay said the transaction required close collaboration between the lender, broker and borrower throughout the process, with underwriting and completions teams working together to ensure the refinance completed within the required timescales.
Marc Callaghan (pictured), head of commercial mortgages at InterBay, says: “This was a sizeable and complex transaction involving a diverse portfolio of commercial and semi-commercial assets. The client’s objective was clear from the outset: to maximise leverage against the portfolio and release capital for further investment.
“By working closely with the broker and borrower, we were able to structure a solution that met those requirements and provide a strong platform for the next stage of the portfolio’s development.”
James Baughan, director at Independent Lending, adds: “The client wanted to release as much capital as possible from the portfolio to support future acquisitions, and InterBay understood that objective from the outset.
“The team worked closely with us throughout the process, taking the time to understand the client’s plans and deliver a solution that gave them the flexibility to act on new opportunities as they arise.”
