InterBay Commercial completes £7m complex portfolio transfer
InterBay Commercial, part of OneSavings Bank, has completed a complex portfolio transfer in a £7m remortgage case.
The lender was approached by Brightstar Financial, on behalf of a client seeking to refinance and raise capital on their total portfolio.
The portfolio included a variety of residential investment property types, including flats, houses, HMOs and small and large blocks of flats.
Adrian Moloney, sales director, OneSavings Bank, said: “This was an extremely complicated loan but one InterBay was able to accommodate due to the team’s technical expertise in navigating through planning, licencing, EPCs, warranties and building regulations.
“Throughout this lengthy process, everyone involved worked together to satisfy the requirements of the mortgage offer and to complete the loan and release the capital requested within the client’s timeline.
“It’s a great example of the strong relationship and trust that InterBay has built up with Brightstar and further illustrates the expertise and innovation that InterBay can provide on complex deals.”
The applicants had previously sought specialist tax advice in relation to their portfolio. This was currently held in partnership and personal names but the client wished to act on the advice and transfer ownership into a newly formed property investment company, with the same ownership structure as their joint portfolio.
This incorporation also enabled capital to be raised so the applicant would be able to continue building their property portfolio.
Rob Jupp, group chief executive of Brightstar Financial, said “OneSavings Bank has become our go-to lending partner for large quantum, complicated and price based risk transactions. They have the team and associated professional partners to make the difficult and unlikely, possible.”