InterBay Commercial will now provide residential and commercial bridging finance for property investors in a move that simplifies its product proposition.
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.
Darrell Walker, head of sales at InterBay Commercial, said: “We’re delighted to offer our new proposition in partnership with brokers who are experts within this field.”
InterBay’s bridging product also 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 with no early repayment charges
- Roll-up interest only, with daily amount charged on net initial loan plus fee
InterBay believe the product is ideal for those who need to buy new property or who want to exit more expensive residential development finance upon completion of a project.