Colin Bell, CEO of InterBay Commercial, said: “This is fantastic news for key partners, brokers and borrowers; everyone will gain from this change.
“Having successfully launched with the highest regarded service in our sector I now want to accelerate our completions volumes. I am comfortable that we have put in place a robust and market leading proposition and am now looking to build a good sized pool of mortgages.
“Today I am announcing a reduction in the margins for all of our products to ensure it is the market leading selection for commercial and semi commercial mortgages. Our margins for Commercial will now start at 4.95% over LIBOR and 4% over LIBOR for Buy to Let. Alongside this change, I am also pleased to announce that completion fees are moving from a maximum of 2.5% to 1.7%.
“InterBay is serious about providing funding into the SME and Investor Market and these changes show how committed we are to a quality volume lending proposition.
“We will continue to give our Key Partners quick fully credit underwritten decisions up front, something we have always done, as it is key to give clarity and make decisions we will stand behind.
“This proposition ensures our Key Partners can talk with confidence to their Brokers about the commercial loan they are proposing. Our pricing is keen and InterBay is here to provide crucial loans to the SME market which is still crying out for liquidity and a listening ear.”
The products will initially be:
• £75,000 to £5,000,000 and beyond by exception
• Maximum LTV 75%
• Good credit history
• Margins starting from 4.95% over 3 month LIBOR for Commercial
• Margins starting from 4.00% over 3 month LIBOR for buy-to-let