InterBay Commercial completes semi-commercial deal in five weeks
InterBay Commercial, part of lending specialist OneSavings Bank, has completed a semi-commercial deal in five weeks with Empire Finance.
InterBay was approached by broker partner Empire Finance, on behalf of a client looking to secure funding for a new business location to help them separate their commercial operations from their family home.
The client had found a semi-commercial unit in a prominent local position but needed to move quickly, given that the vendor was in the process of splitting the property by selling the flat and leasing the commercial unit.
Gareth Broome, commercial finance broker at Empire Finance, said: “This application was initially outside of InterBay Commercial’s published lending criteria but we were able to seek and secure an upfront agreement from their Transactional Credit Committee, giving us comfort that the application would be acceptable in principle and saving valuable time.”
“From application to offer it took just 10 working days (including a full commercial valuation) and the clients were over the moon when the case completed in just five weeks.”
Adrian Moloney, group sales director at OneSavings Bank, added: “This was a well presented and packaged case and showcases InterBay’s ability and expertise to get a deal over the line in record time.”
“At a time when semi-commercial cases are often stalling due to the challenging environment we are all dealing with, it’s great to share this example of professional teamwork that came together for a positive outcome for the client.”