Interbay announced it was putting a temporary end to new business in September 2008 following the sale of the firm, by parent company Bayview Financial, to commercial lender 5D Group.
OneSavings Bank agreed to acquire all of Interbay’s issued share capital in June earlier this year via a partnership deal which has allowed the firm to return to lending today with a series of products available to a maximum of 75 per cent LTV.
The initial loans are available between £75,000 and £1,000,000, as well as larger loans, by exception, to £5m. Margins on the loans start from 4.95 per cent over 3 month Libor.
InterBay Commercial CEO Colin Bell says: “It’s fantastic to be back lending and launch products to a market which we feel has been underserved and needs competition and quality service. It sends out a positive message that there is a need for commercial lending and things are looking up in the mortgage market.
“We had a reputation for offering our partners experience, service and flexibility and this will continue, providing tailored underwriting wherever possible. Feedback from key partners tells us this will be very welcome as lack of flexibility and liquidity has been a barrier in recent times. Our products will be offered through a panel of key partners through the UK, many of whom we have worked with and kept in contact over the years.”
OneSavings Bank CEO Andy Golding says: “We are delighted to now have Interbay as part of the group and are very excited about getting them back up and running with new lending. We are committed to providing a range of financial solutions despite the difficult economic environment and helping small businesses through the Interbay brand is a key part of our long term strategy.”