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Interbay Commercial returns to lending

Interbay Commercial is returning to the lending market for the first time in over four years with a series of products aimed at the UK small balance commercial market.

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.”

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  • Keith Williams 31st October 2012 at 8:42 am

    It is a pity this statement is incorrect, the use to be very flexible but over the last 3 years we have found them to be very rigid in their approach

    “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.”

  • Chris Gardner 16th October 2012 at 5:22 pm

    but nobody atall has returned to resi lending have they? No wonder everything is soooo bad, would-be lenders have been put off by the FSA and consumer media….our reward for that is that unless you are Mr&Mrs jack average you stand NO CHANCE of moving or remortgaging or for that matter accessing any kind of credit. Whilst lenders can continue to shaft super prime borrowers where is the incentive to offer credit to those other than jack average. David Cameron urges small business to expand and for workers to take up self-employment. What he does not say is that by doing so you will marginalise yourself from mainstream or anystream credit for years.