View more on these topics

InterBay Commercial acquired by OneSavings Bank

InterBay Commercial has entered into documentation to conditionally sell the entire issued share capital of the InterBay Group to mutual OneSavings Bank.

The lender will continue to trade as InterBay Commercial and Colin Bell will continue in his role as CEO of InterBay.

InterBay Commercial has spent the last three years servicing its pool of commercial mortgages and retained a number of its lending staff to ensure it could return to lending once a suitable funder was found.

Colin Bell, CEO of InterBay Commercial, says:  “It is with great delight I am able to announce an exciting new chapter for InterBay Commercial.  The partnership will allow us to return to lending in the small balance commercial arena and help intermediaries’ diversify and grow their current business portfolio.  The business will continue to focus on building upon our partnerships with packagers and to widen our product offering into new market areas, still focusing on quality borrowers in the SME market.” 

Andy Golding, CEO of OneSavings Bank, says: “SMEs and mortgage intermediaries are currently underserved with competition and new product launches limited.  This alliance is an exciting opportunity for us to capture the commercial mortgage market and build on InterBay Commercial’s excellent reputation in this specialist field.  We are totally committed to the UK market and we look forward to announcing exciting and initiative products in the near future”

Recommended

Banks and societies fail to impress consumers

Only 53% of consumers trust banks and building societies, with many believing they fail to act fairly and transparently with customers. According to YouGov research, bigger banking brands and high street names elicit more trust for 28% of respondents, compared with 22% trusting smaller names. Some 62% of consumers strongly agree that brands behaving fairly […]

1

UK no longer in recession

The National Institute for Economic & Social Research has reported that the UK has exited recession after ceasing to contract.

Arrange life cover now to beat G-day price hikes

Mortgage brokers should submit protection cases now to avoid potential price hikes arising from the European directive banning gender discrimination. The European Union directive will come into force on December 21 and could see prices rocket. Women’s life cover is currently cheaper than men’s due to their longer life expectancy while critical illness protection is […]