InterBay Commercial, the self-cert commercial mortgage lender, today announces revisions to its product range. The changes follow the announcement that InterBay is currently looking at measures to reduce business volumes in line with the current market conditions to ensure the company’s long term growth.
InterBay has not increased interest rates and their products remain flexible, with the option for the borrower to reduce their rate by up to 0.875% by opting for the interest guarantee.
Key changes made:
· Maximum LTV is now 70%
· Minimum loan amount is now £100,000
· Property types
- Semi Commercial
- Office
- Retail
- Take-away
- Industrial
- B&B
- Restaurants with residential
- Doctors
- Dentist
- Day care nurseries
· 1.5% Proc fee
The range is being offered through a panel of key partners throughout the UK, and intermediaries are encouraged to contact either their InterBay Loan Manager or local BDM for more information about their nearest InterBay Key Partner. The revised product guide is also available online by visiting www.interbaycommercial.com and intermediaries can access the online calculator to tailor the best deal for their clients.
Bell comments on the new product revision….. “Initial reaction from our Key Partners has been extremely positive. We have a well liked Self Cert Commercial Mortgage product in the market and we’ve held our interest rates low’’.
‘’Even though we are having to control our business volume levels, we won’t do this at the expense of a good product for Commercial mortgage borrowers. This move will ensure that we are in strong position for both intermediary and client needs once normal conditions resume’’.
InterBay programme highlights:
Competitive BBR based products for small commercial mortgages
Interest only option available
True self-cert
No application, commitment or completion fees required
Conditional offer in 24 hours, fully credit checked and underwritten
Up to 70% LTV.
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