Chris Fairfax, Positive’s managing director, said: “This is the largest commercial loan we’ve completed in 2015 so far.
“Not only was this a large loan, it was also extremely complex and required the joint expertise of our team and the team at InterBay Commercial throughout the application process.
“The borrower had previously received an alternative offer, so pricing was carefully negotiated to be competitive and clinch the deal.”
Fairfax added: “The borrower also had a vital deadline to meet; but at Positive we relish a challenge and are used to working with urgency for our customers.
“I’m pleased to say we closed the loan in good time and managed to save the customer a multi-million pound exit fee with their previous funder.
“I also have to say that this deal would not have closed on time without the excellent working relationship between ourselves and InterBay Commercial.
“The extensive interactions between Brad McMillan at InterBay and the client were invaluable to everyone understanding the case.”
Andy Reid, national key account and relationship manager at InterBay Commercial, said: “We were pleased to work hand-in-hand with Positive to put this deal together and make it work for their customer.
“This is the largest loan InterBay has closed this year and one of the most complex, comprising a huge portfolio of investment properties located in the South East.
“Key to the quick turnaround on this deal was the expertise of both Positive Lending and our underwriting team, hats off to everyone for pulling out all the stops! In particular the InterBay loan manager, Brad McMillan, worked tirelessly to ensure the positive (no pun intended) outcome of this deal. As a highly valued partner of InterBay’s, Positive prove themselves time and again as market leading packagers, we look forward to closing more large loans with them later in the year.”