InterBay Commercial has launched into residential and commercial bridging finance for property investors.
Rates start from 0.44 per cent. The lender will initially sell through a small broker panel.
The lender is targetting borrowers who want to buy a new home or raise capital against an existing buy-to-let, HMO or commercial property.
InterBay will also extend bridging loans to those wanting to buy or remortgage a residential property to refurbish it and either sell or refinance onto a standard BTL/HMO mortgage.
The lender will also focus on customers who want to stop residential development finance when completing a project.
The bridging operation will have a gross LTV of up to 75 per cent on residential investment property and 70 per cent on commercial.
Terms will be up to 18 months. InterBay will charge a 2 per cent arrangement fee and no early repayment charges.
InterBay head of sales, commercial, Darrell Walker says: “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.”