InterBay Commercial, part of specialist savings group OneSavings Bank, has announced that Title Insurance is now available for its Developer Exit product.
In a bid to speed up completions, the commercial lender InterBay has made Title Insurance available on its Developer Exit product for loans of up to £2m. The move will bring the product in line with InterBay’s other commercial and buy to let re-mortgage and purchase transactions.
In a statement to brokers, InterBay explained that Title Insurance streamlines mortgage applications by providing cover for issues that may arise during the legal due diligence process, subsequently resulting in swifter completions and cost savings. Title Insurance also provides cover for the bank where property title disputes arise.
Darrell Walker, head of sales, second charge and commercial, InterBay said:
“Efficiency and speed of service are key requirements of our brokers and their clients, particularly so for developers who have just completed a project and are looking to exit via InterBay’s Developer Exit product.
“Title Insurance enables us to proceed without requiring the need for our solicitors to conduct a full investigation of the title, thereby resulting in increased time and cost savings for borrowers.”
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