Adviser firm becomes proprietary funder
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Independent advisory firm Interbanc has partnered with London-based asset manager The Business Lending Secure Income Fund to become a proprietary funder – offering three exciting new products to the market.
With lending from £50,000 to £1,000,000 available, on LTVs of up to 100%, Interbanc bridging gives funding for auction purchases, development gains, refurbishment, commercial and residential transactions and more.
Interbanc Development Finance lends up to £10,000,000 to a total of 65% Gross Development Value, first charge, providing the core funding professionals need to create value.
And Interbanc Mezzanine Development Finance lendsfrom £200,000 to £3,000,000, up to 90% of costs on second charge (Mezzanine), Interbanc provide a flexible solution for property developers.
Christian Kumar, director of Interbanc, says: “The key difference is we are now proprietary funders and are able, as independents with a lot of experience in property markets, to make lending decisions directly and quickly on behalf of the funds we secure.
“Unlike banks, we are not facing huge balance sheet losses, and are able to make commercial decisions understanding the needs and opportunities in the property marketplace.
“There is a huge opportunity in the property market in all segments, and risk aversion in the banking markets means that participants in property markets are unable to secure the funding they need to do the deals they should. We are hoping to alleviate these worries with our new products and help boost much needed momentum into property.”
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