Both Prestige and Interbay are part of the OneSavings Bank plc group of companies.
The second charge secured loan with Prestige Finance was for a net loan of £300,000 secured on a property in Surrey. The clients, a husband and wife, needed to consolidate an existing high interest rate second charge together with a number of credit card debts. These debts had been incurred when the clients had been extending and renovating their property, leading to the value of the property doubling in 12 months.
The loan completed on a variable rate of 7.5% p.a. on Prestige’s Large Loan product, over a 20 year term with a loan to value just under 53%. The Prestige advance also allowed the clients to keep the very low interest rate on their first charge mortgage, something that was very important to their future finances.
The advance with Interbay Commercial was a Buy to Let mortgage of £2,150,000, with completion taking place just 8 days from valuation instruction.
The clients, a wealthy husband and wife, were looking to repay an existing bridging loan of just over £2 million on a property in an exclusive part of West London. The bridging loan was taken out in January 2013 to assist with the purchase and refurbishment of the investment property in Notting Hill.
A number of lenders were approached, but the clients opted for Interbay’s new High Net Worth product at an interest rate of just 4% above LIBOR because of its excellent interest rate, their excellent debt service cover ration of just 110% and the promise of a very fast completion from Tony Sutton, the MD of Specialist Financial Services.
The team at Interbay pulled out all the stops, including coming into work early to ensure the case was ready to complete before the bridging loan expired. If the advance did not complete in time, the bridging lender could potentially have asked the clients for over £20,000 in additional interest.
Tony Sutton, M.D. at Specialist Financial Services said:
“Both advances showed what can be achieved between a proactive lender and an experienced introducer. The secured loan with Prestige Finance is not the first we have completed on their Large Loan product range, but is certainly the most satisfying loan I have completed in many years. If ever a case proved that experience counts within the secured loan market, this was it.
A huge amount of credit must go to Simon Stern and his team – they were wonderful throughout the entire process and in a very short space of time Prestige have established themselves as a major player in the secured loan market for good quality borrowers.
The Interbay advance completed in such a short time-frame due to a massive amount of co-operation between SFS, Interbay, their in-house solicitors Paris Smith and the surveyor. When I originally took the phone call from the introducer to explain the situation, I arranged to meet the clients in London that evening and was able to come away with all the information I would need. But a huge thanks to the Interbay processing team is due for pulling out all the stops to make the deal happen.
The fact that both advances completed on the same day was an added bonus and I have four very, very happy clients and two delighted introducers.”
Simon Stern, MD of Prestige Finance added:
“We were delighted to have completed this loan. It again demonstrated the qualities of our underwriting team, the strength of our relationship with Tony and the support of OSB in wanting to write this type of loan. Our large loan product is proving very popular and we look forward to completing more of this type of loan with Tony in the future.”
