InterBay Commercial partners with Brightstar Financial to deliver £18m loan in 31 days
InterBay Commercial has partnered with Brightstar Financial to expedite a loan of over £18m that facilitated the transition of a professional landlord’s portfolio into a corporate structure, which was completed only 31 days after it was introduced to InterBay.
Brightstar’s client’s anticipated lender withdrew funding without any prior notice and at the 11th hour. With the possibility of penalties from the existing lender, time was of the essence so Brightstar immediately contacted InterBay.
Rob Jupp, chief executive of Brightstar Financial said, “It’s difficult to put into words my gratitude to the teams at InterBay Commercial who pulled out all the stops to enable our client to meet the original completion deadline, even though they inherited it from another lender.
“They added value at every stage of the process and I am delighted to be a partner of InterBay and OneSavings Bank.”
Adrian Moloney, sales director, OneSavings Bank, said: “It was truly a great effort from the whole team and everyone who touched this case at any stage played their part.
“It is a true example of the hard work and determination that our teams at InterBay and OSB deliver for our broking partners.”
InterBay received call from Brightstar about the case, involving 130 properties and legal entity transfers, on the Friday of the May Bank Holiday weekend.
Then Marc Callaghan, strategic account manager for InterBay Commercial was in Brightstar’s office first thing on Tuesday morning and the case was approved at the bank’s transactional credit Committee (TCC) the next day.
Over the next four weeks, InterBay’s and Brightstar’s internal teams worked to expedite the valuation and underwriting process in order to ensure that the client met their targeted completion deadline.