Southampton's Paris Smith closes £24.9m loan package for InterBay Funding

Paris Smith’s finance team has successfully closed a transaction on behalf of InterBay Funding to facilitate a £24.9m loan package.

InterBay’s existing borrower, Kexgill Group, a Yorkshire-based student accommodation provider, will use the funds to enable it to refinance its property portfolio.

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Rachel Busby, Paris Smith: “We’re thrilled to have been able to advise and assist our longstanding client, InterBay Funding, part of the One Savings Bank group with this complex project.”

Led by solicitors Rachel Busby, Fred Chandler and Alexander Cheele, the team advised InterBay and attended to the completion of the substantial loan package which comprised ten year interest-only commercial investment facilities worth an aggregate of £20m and a heavy refurbishment bridging loan in the amount £4.9m, secured against an existing owned asset within the wider portfolio of the group.

Richard Stott, managing director of Kexgill Group: “Securing medium-term fixed-rate debt in a variable market is important for our group, particularly where we are creating scale in locations outside our Hull base. [This] has been a stress-free deal in a market which has seen considerable flux in recent months.”