"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"
Products will initially be available through a selected broker panel and will incorporate its existing range of short term lending options.
InterBay’s bridging range will lend up to 75% LTV on residential investment property and 70% LTV on commercial with terms up to 18 months.
The lender says its range is aimed at borrowers who:
- need to quickly buy a new property or raise capital against existing BTL, HMO or commercial property,
- plan to acquire or remortgage a residential property with the intention of refurbishing it, then refinancing onto a standard BTL/HMO mortgage or selling for profit,
- want to exit more expensive residential development finance upon completion of a project, giving them time to sell.
Darrell Walker, Head of Sales, Commercial, commented: “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.”
