Colin Bell, CEO of InterBay Commercial, said: “October was an excellent month for completions, the best InterBay has ever had and that is a credit to our key partners, who worked in unison with our InterBay staff, Paris Smith and on our fastest cases with Clarke Wilmott also acting for the borrower. Due to the remarkable success in the month I am delighted to announce three more incentives.
“Firstly, InterBay will refund half of the booking fee for qualifying completions in the month of November. Secondly, Clarke Wilmott has agreed that for all instructions from InterBay borrowers up to the 13th December 2013, they will discount their fees by 12.5%.
“And thirdly, our lawyers Paris Smith LLP, have also agreed to reduce their lender legal fees by 10% for qualifying completions in November 2013 as well, another saving directly for the borrower.”
In October InterBay lawyers and their support team worked late into the night on most evenings to get cases completed. Also, the staff at InterBay certainly did all they could to make the month a record one.
Stuart Allen, partner at Paris Smith LLP, added: “The demand for InterBay’s products and service is incredibly high and we are delighted to be associated with such a strong brand. The first year following their return to lending has seen a remarkable volume of loans completed and we aim to turn the legal requirements of each loan around as swiftly as possible for our part in the process. We are very happy to offer a 10% reduction in legal costs to complement InterBay’s promotion.”
Peter Swinburn, head of commercial property at Clarke Willmott LLP, said: “We are delighted with the way that the relationship with InterBay continues to grow. We have developed very streamlined procedures with InterBay’s Solicitors, Paris Smith LLP, to enable us to drive completions forward quickly and on budget. The majority of transactions are completing within 5 – 10 working days of instruction, and follow a tight procedure that frontloads the document preparation and reporting process. We have seen a major rise in the number of instructions during the past few months, and are excited about the InterBay offering in the marketplace.”
Bell added: “All of these incentives will help get cases completed quickly. This is especially important as December is only around the corner and experience tells us that completions from Christmas week onwards are notoriously challenging with lawyers often being closed for period. Use these incentives to maximise your completions with InterBay in November to make 2013 the Credit Crisis & Recession Busting year for us all.”