The specialist lender – part of OneSavings Bank – has also introduced dual legal representation for bridging loans up to £2m.
Pricing changes include a 0.25% rate reduction for all commercial and semi-commercial term products and a simplification of the range to reduce the number of yield-based pricing tiers.
The introduction of dual representation follows strong feedback from brokers.
InterBay has adopted dual legal representation for bridging through panel solicitors Clarke Willmott, which is experienced in the sector.
This will mean that Clarke Willmott can act for both InterBay and the borrower on bridging loans up to £2m, which the lender hopes will provide brokers with a faster, efficient and cost-effective method of accessing short-term finance.
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Peter Swinburn, partner at Clarke Willmott LLP, said it was delighted to partner with InterBay.
“We have worked hard to ensure our offering remains as competitively priced and efficient as our service delivery when acting solely for InterBay.
“We have carried out extensive research to benchmark our fees against other law firms providing a similar service, and are confident that our offering provides great value for the service provided.”
Darrell Walker, head of sales at InterBay Commercial (pictured above), added: “Brokers are at the heart of our business and we take their feedback seriously as evidenced by the introduction of dual representation for bridging, which will help facilitate a faster turnaround and is a service enhancement that complements our dedicated in-house bridging team.
“In conjunction with the commercial rate reductions, it shows InterBay’s commitment to providing innovative and flexible solutions for brokers no matter how simple or complex their cases may be.”