InterBay cuts rates, brings in dual legal representation

InterBay Commercial has announced rate cuts across its product line as well as the introduction of dual legal representation for bridging loans.

The rate reduction for all commercial and semi-commercial products comes in at 0.25 per cent, and the lender says that it has also simplified its range, reducing the number of yield-based pricing tiers.

Regarding dual legal representation, InterBay reports that it has struck a deal with panel solicitors Clarke Willmott, who will act for both lender and borrower on bridging loans of up to £2m.

This, says the lender, which is part of the OneSavings Bank group, will provide a faster, more efficient, and more cost-effective access to finance.

InterBay Commercial head of sales Darrell Walker says: “Brokers are at the heart of our business and we take their feedback seriously as evidenced by the introduction of dual representation for bridging which will help facilitate a faster turnaround and is a service enhancement that complements our dedicated in-house bridging team.”

“In conjunction with the commercial rate reductions, it shows InterBay’s commitment to providing innovative and flexible solutions for brokers no matter how simple or complex their cases may be.”

Clarke Willmott LLP partner Peter Swinburn adds: “We have worked hard to ensure our offering remains as competitively priced and efficient as our service delivery when acting solely for InterBay.

“We have carried out extensive research to benchmark our fees against other law firms providing a similar service, and are confident that our offering provides great value for the service provided.”

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