InterBay turns up the heat in the commercial market
Kit Thompson, director of bridging and commercial business, said the re-emergence of InterBay, owned by One Savings Bank, was a sign that the financial gloom in the commercial lending market was lifting.
He said: “After four years of unremitting bad news on the lending front, we have seen the commercial market begin to come to life this year with the likes of Shawbrook and radical peer-to-peer lenders such as Funding Circle providing new competition to the established big commercial players.
“InterBay’s offering comes at a time when the upward trend in commercial lending needed another push in the right direction.”
And he added: “From our first look at their criteria it is clear that InterBay is keen to engage commercial specialists and brokers. This brings more choice and everyone wins.
“And for some of the bigger players who have had something of a monopoly in commercial lending, it might serve as a timely reminder for them to look at reviewing their underwriting, criteria and overall attitude to small and medium business lending.”