InterBay Commercial is to provide residential and commercial bridging finance for property investors.
Rates start from 0.44% and are initially available through a selected broker panel and will incorporate its existing range of short term lending options.
InterBay says its bridging finance range is ideal for those borrowers who need to buy a new property or raise capital against existing buy-t0-let, HMO or commercial property, quickly.
It is also aimed at those who plan to acquire or remortgage a residential property with the intention of refurbishing it, then refinancing onto a standard buy-to-let/HMO mortgage or selling for profit, as well as people who want to exit more expensive residential development finance upon completion of a project, giving them time to sell.
InterBay’s bridging product features:
- Rates from 0.44% per month
- Gross LTV up to 75% on residential investment property, 70% on commercial
- Term up to 18 months
- 2% arrangement fee, no ERC
- “Fast, efficient service”, including an AIP within four hours
- Roll-up interest only, with daily amount charged on net initial loan plus fee
Darrell Walker (pictured), head of sales, commercial, said: “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.”
Available through a limited broker panel, interested parties are advised to contact their InterBay business development manager.