"This case is another great example of how InterBay can support a wide range of owner-occupier cases within the commercial arena"
- Marc Callaghan - InterBay
Commercial lender InterBay, part of the OSB Group, has provided £5.3m in funding to support a higher education provider in acquiring a teaching facility in London’s West End.
The 9,351 sq ft property had been leased by the client for several years prior to the purchase opportunity, allowing them to transition to owner-occupier status. The client, an existing borrower, now holds four properties financed by InterBay.
For this latest transaction, the client sought capital interest-only funding. Mo Parmar, specialist finance account manager at InterBay, structured a commercial loan over a 25-year term, drawing on sector knowledge to meet the borrower’s requirements.
“Having supported Nick and the team at Fortune Finance and their client with their previous lending requirements, we understand their aspirations and their specific needs, so we were delighted to support with this addition to their portfolio," explained Interbay's head of commercial lending, Marc Callaghan (pictured). "This case is another great example of how InterBay can support a wide range of owner-occupier cases within the commercial arena.”
Nick Sedgwick, sales director at Fortune Finance, added, “We’d like to thank InterBay and their fantastic team for working in partnership with us on a significant number of purchases and remortgages of higher education campuses across the country, in what is an incredibly challenging time for universities. InterBay is our number one choice for any commercial lending at Fortune Financial, and we look forward to sharing a bright future in collaboration.”
The transaction highlights ongoing activity in the commercial education sector, despite pressures facing institutions across the UK.
