The firm, which specialises in commercial and corporate finance, has partnered with London-based asset manager The Business Lending Secure Income Fund to become a lender.
As banks become increasingly risk averse, property professionals (whether in land and development, commercial or residential markets), are facing increasingly difficult times in sourcing funding for acquisition and development. This is why Interbanc has joined into the partnership.
It is launching:
- Interbanc Bridging: With lending from £50,000 to £1,000,000 available, on LTV of up to 100%, Interbanc bridging gives fast and essential funding for auction purchases, development gains (land & planning), refurbishment, commercial & residential transactions and more.
- Interbanc Senior Development Finance: With lending to £10,000,000 up to 65% GDV (first charge), Interbanc development finance provides the core funding professionals need to create value.
- Interbanc Mezzanine Development Finance: With lending from £200,000 to £3,000,000, up to 90% of costs on second charge (Mezzanine), Interbanc provide a flexible solution for property developers.
Commenting on the new products, Christian Kumar, director of Interbanc, said: “The key difference is we are now proprietary funders and are able, as independents with a lot of experience in property markets, to make lending decisions directly and quickly on behalf of the funds we secure.
“Unlike banks, we are not facing huge balance sheet losses, and are able to make commercial decisions understanding the needs and opportunities in the property marketplace.
“There is a huge opportunity in the property market in all segments, and risk aversion in the banking markets means that participants in property markets are unable to secure the funding they need to do the deals they should. We are hoping to alleviate these worries with our new products and help boost much needed momentum into property!”
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