View more on these topics

InterBay bought by 5D

InterBay Commercial has been sold by its US parent Bayview Financial to rival UK commercial lender 5D Group.

The deal was completed at the back end of August and the two firms will now merge with the firm then set to relaunch under the InterBay Commercial name.

The Mark II InterBay will trade out of the firm’s current HQ in Fareham rather than 5D Group’s base of operations in London.

No details have been made public as to how much InterBay was sold to 5D for.

The 5D Group of companies was launched in 2006 and is funded by funds under the management of investment firm Cabot Square Capital.

Colin Bell will continue in his role as managing director of InterBay but as a result of the merger, redundancies at both firms are likely as the two firms amalgamate.

It has also taken the decision to temporarily cease new business.

Bell says: “We now have a great opportunity to merge with 5D and re-launch our company – all with the strong financial backing of our new parent.

“We have every intention to relaunch our lending products in the future. We have spoken with our intermediary key partners and are working through our pipeline to ensure all brokers and potential borrowers are treated fairly during this period of change.

“I cannot reveal our future plans at this juncture but I will say that this initiative is good news for the business.”

Bayview Financial, which set up InterBay in the UK in 2006, was already a well established commercial lender in both Canada and the US under the brand InterBay Funding.

InterBay Funding continues to lend in the US and in its Winter 2008 newsletter its managing director Ronald White says, “we view this period of instability not as a time of crisis, but one of opportunity”.


Recommended

Clients unaware of regulation

Equity release providers are concerned about consumer research from the Financial Services Authority which shows the over-65s are one of the age groups least aware of FSA regulation.The worry among providers is that the safety of releasing equity from properties is being lost on consumers who do not understand the role of the FSA in […]

Leaks due soon on Crosby Report recommendations

On the Andrew Marr show this morning Ed Balls said he understood the Crosby Report was on The Chancellor’s desk. On that basis we ought to start getting leaks soon from the Government on any proposals they want to float as being worth introducing, assuming of course there are some, bearing in mind the interim […]

Jupp smash

Rob Jupp, managing director of Personal Touch Packaging, has finally settled on a name for the merry band of industry professionals participating in the Berlin Marathon on September 28. As nominated by Kevin Pat-erson, the name Jupp has opted for is The Lean Green Mortgage Machine. Mole is unsure about the ‘green’ part of thename but assumes it is something of an homage to Marvel anti-hero The Incred- ible Hulk.

Newsletter

News and expert analysis straight to your inbox

Sign up