Commercial lender announces major product enhancement

Commercial lender announces major product enhancement



InterBay Commercial, part of the OneSavings Bank PLC Group, has announced it has enhanced its Refurb Loan product..


InterBay Commercial

, part of the OneSavings Bank PLC Group, has announced it has enhanced its Refurb Loan product.

 

 
 
 
On the latest development, Colin Bell, CEO of InterBay Commercial
, commented:  “Following the launch of the unique InterBay Term Refurb product, we are pleased to announce that the product is being further enhanced. Alongside the Term product, we are adding a short term penalty-free product to give flexibility to borrowers.
 
 
 
 
 
 
“Now that the Term product has bedded in, it is clear that there is a need for borrower flexibility. This new product allows the borrower to have the option of selling the property post refurbishment without penalty, or converting to term product if required. The rates have remained the same, alongside different fee structures for both products. We plan to further extend and enhance this product after the summer.”  
 
 
 
 
 
 
With the new enhancements, interest can still be rolled up for six months with a maximum LTV of 75 per cent. This provides the service of a competitive product against other short term lending options, with a fully disclosed refurbishment period.
 
 
 
 
 
On hearing the news of the product refresh, the broker community praised the move from the commercial lender. Tony Sutton of Specialist Commercial Finance, said: “It is great to see yet another product launch from InterBay Commercial
that will enable us to satisfy the needs of even more customers.”
 
 
 
 
 
 
Lucy Hodge of Vantage Finance quotes: “It’s great to see InterBay adding further to their existing product suite, offering more options for brokers and their clients. The news of the enhanced range will be well received in the market place”
 
 
 
 
 
 
James Hardwick of Charleston FS said: “The short term lending arena is an ever evolving market place and which had a great impact on the business that Charleston has written over the last 12 months.
 
 
 
 
 
 
“It is an exciting proposition from InterBay and further compliments the suite of products that we can currently offer our clients and brokers alike.”
 
 
 
 
 
 
Colin Bell concluded: “It is clear that many operators in the refurb sector like to keep their options open for a quick and lucrative sale whilst exploring the rental potential. This new enhancement will cater for this situation and further strengthens the InterBay proposition to our Key Partners.”
 
 
 
 
 
 
Product details as below: 
 
 
 
 
 
 
Maximum LTV during Refurb Period 75 per cent.
 
 
 
Light & Medium Refurb Options
 
 
 
Rates from 0.65 per cent per month during refurbishment.
 
 
 
Interest can be rolled up for 6 months if required.
 
 
 
Reverts to Standard Buy to Let Product up to 85 per cent after works completed.
 
 
 
Fees only charged on extra drawdown when reverting to standard buy to let product.
 
 
 
Refurb term up to 12 Months.
 
 
 
Max Term 30 years.
 
 



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