Darrel Walker

InterBay enters bridging market with 0.44% rates

InterBay Commercial has announced it will be providing residential and commercial bridging finance for property investors with rates starting at 0.44% per month.

The lender – part of OneSavings Bank – will be initially offering the products through a selected panel and will incorporate its existing range of short-term lending options.

InterBay’s bridging product features include:

  • rates from 0.44% per month
  • gross LTV up to 75% on residential investment property, 70% on commercial
  • terms up to 18 months
  • 2% arrangement fee, no ERC
  • fast, efficient service, including AIP within four hours
  • roll-up interest only, with daily amount charged on net initial loan plus fee.

The lender’s bridging range is aimed at borrowers who need to buy a new property or raise capital against BTL, HMO or commercial property quickly.

InterBay is also targeting those who plan to acquire or remortgage a residential property with the intention of refurbishing it then refinancing on to a standard BTL/HMO mortgage or selling for profit, as well as those who want to exit more expensive residential development finance.

“InterBay’s entry into the bridging market has been keenly awaited,” said Darrell Walker, head of sales for commercial at InterBay (pictured above).

“…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.”

Chris Treadwell, head of Enness Commercial, felt that InterBay's 0.44% rate was market leading. 

"Its new products add a further dimension to a complex market and we’re sure, with their underwriting abilities and keenness to do business, we’ll do a fair amount on these new products.

"We’re a long-time supporter of InterBay and are delighted to be included in their tightly controlled broker panel and even happier with their progressive pricing structure."

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    This is very welcoming news for those of us in the BTL and other areas. The industry welcomes this update.

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