InterBay Commercial has agreed to sell the entire issued share capital of the InterBay Group to mutual OneSavings Bank plc.
It will continue to trade as InterBay Commercial and Colin Bell will continue in his role as CEO of InterBay.
The specialist commercial mortgage lender has spent the last three years servicing its pool of commercial mortgages and retained a number of its key lending staff so it could return to lending once a suitable funder was found.
OneSavings Bank plc trades as Kent Reliance Banking Services and was formed by Kent Reliance Building Society and JC Flowers.
“It is with great delight I am able to announce an exciting new chapter for InterBay Commercial,’ said Bell. “The partnership will allow us to return to lending in the small balance commercial arena and help intermediaries’ diversify and grow their current business portfolio.
“The business will continue to focus on building upon our partnerships with packagers and to widen our product offering into new market areas, still focusing on quality borrowers in the SME market.”
Andy Golding, CEO of OneSavings Bank plc, said: “SMEs and mortgage intermediaries are currently underserved with competition and new product launches limited.
“This alliance is an exciting opportunity for us to capture the commercial mortgage market and build on InterBay Commercial’s excellent reputation in this specialist field.
“We are totally committed to the UK market and we look forward to announcing exciting and initiative products in the near future.”