Following a successful trial, InterBay Commercial has entered the residential and commercial bridging finance market, allowing it to provide an additional service to property investors.
InterBay says that it will initially offer the new products through a small broker panel, including Mortgages for Business, allowing it ‘to deliver the quality and speed of service expected within the bridging market’. Rates will start from as little as 0.44%.
Borrowers looking to buy a new home or raise capital against existing buy to let, commercial or houses in multiple occupation (HMO) properties will be interested to learn about the lender’s new proposition.
Those hoping to buy or remortgage residential property will also have access to InterBay’s new products, enabling them to refurbish, sell or refinance onto a standard buy to let / HMO mortgage.
Similarly, borrowers wishing to halt residential finance once a project is completed, will also be served by the new products.
The new bridging finance proposition includes loan-to-value (LTV) products of up to 75% on residential investments and 70% gross on commercial investments, under terms of up to 18 months. The products carry arrangement fees of 2%, but no early repayment charges.
InterBay head of sales, commercial, Darrell Walker says:
“InterBay’s entry into the bridging market has been keenly awaited, and with the backing of specialist lending group OneSavings Bank, we’re delighted to offer our new proposition in partnership with brokers who are experts within this field.”
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