InterBay Launches Bridging Finance for Residential and Commercial Property
InterBay Commercial, which is part of specialist lending group OneSavings Bank, has announced that it will now provide bridging finance for residential and commercial property.
The latest offering for property investors was designed to simplify InterBay’s product proposition.
Rates on the products start from 0.44% and will initially be available through a selected broker panel, incorporating InterBay’s existing range of short-term lending options.
InterBay’s bridging finance range is ideal for borrowers in the following situations:
- Those that need to buy a new property or raise capital against existing buy-to-let, Houses in Multiple Occupation (HMOs) or commercial property quickly.
- Those that plan to acquire or remortgage a residential property with the intention of refurbishing it, then refinancing onto a standard buy-to-let/HMO mortgage, or selling for profit.
- Those that want to exit more expensive residential development finance upon completion of a project, giving them time to sell.
Rates on the new products start at 0.44% per month, with gross loan-to-value (LTV) on residential investment property up to 75% and 70% on commercial.
Terms are available up to 18 months, with a 2% arrangement fee and no early repayment charges.
InterBay offers a fast, efficient service, including Agreement in Principle within four hours.
Another feature of the new bridging finance products is roll-up interest only, with the daily amount charged on net initial loan plus fee.
The Head of Commercial Sales at InterBay, Darrell Walker, comments on the latest offering: “InterBay’s entry into the bridging market has been keenly awaited and, with the backing of specialist lending group OneSavings Bank, we’re delighted to offer our new proposition in partnership with brokers who are experts within this field.”
Landlords, do you think that bridging finance for residential and commercial property could be right for you? If you fit within one of the scenarios mentioned above, perhaps you should take a look at the new products!