InterBay launches title insurance for developer exit mortgages

InterBay launches title insurance for developer exit loans

Commercial lender InterBay has introduced title insurance for developer exit loans of up to £2m.

The firm hopes the move will streamline mortgage applications by providing cover for issues that may arise during the legal due diligence process.

This change brings the developer exit product in line with InterBay’s commercial and buy-to-let remortgage and purchase transactions.

Darrell Walker, head of sales for second charge and commercial at InterBay, said: “Efficiency and speed of service are key requirements of our brokers and their clients, particularly so for developers who have just completed a project and are looking to exit.

“Title insurance enables us to proceed without requiring the need for our solicitors to conduct a full investigation of the title, thereby resulting in increased time and cost savings for borrowers.”

The announcement comes just weeks after the firm cut rates across both its commercial and semi-commercial mortgage range.

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