InterBay Commercial completes complex portfolio transfer

InterBay Commercial has announced the completion of a complex portfolio transfer in a £7m remortgage case.

InterBay, which is part of the specialist mortgage provider and retail savings group OneSavings Bank, had been approached by the leading specialist distributer, Brightstar Financial, on behalf of a client seeking to refinance and raise capital on their total portfolio.

According to the lender, the portfolio involved a variety of residential investment property types – including flats, houses, HMOs and small and large blocks of flats.

OneSavings Bank sales director, Adrian Moloney, 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.”

InterBay revealed the applicants had previously sought specialist tax advice in relation to their portfolio, and that this was being held in partnership and personal names. The client, however, 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 move also enabled capital to be raised, which according to the lender, allowed the applicant to continue building their property portfolio.

Brightstar group CEO, Rob Jupp, added: “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.”

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