InterBay Commercial has launched residential and commercial bridging finance products for property investors, with rates starting at 0.44%.
The lender, part of OneSavings Bank, is making the loans available initially through a selected broker panel and will incorporate its existing short-term range.
The range targets those who need to buy a new property or raise capital against existing buy to let, houses in multiple occupation (HMOs) or commercial property quickly, as well as those acquiring for refurbishment or exiting residential development finance upon completion of a project.
The bridging product is available for gross LTV up to 75% on residential investment property, 70% on commercial, with a term of up to 18 months. Buy-to-let and HMO rates range from 0.44% to 0.74% depending on LTV and the extent of the refurbishment required.
There is a 2% arrangement fee and no early repayment charge. It features roll-up interest only, with daily amount charged on the net initial loan plus fee.
Loans are from £100,000 to £5m.
InterBay said it will offer a fast service, including agreement in principle within four hours. It currently has 20 brokers approved to offer the loans.
Darrell Walker (pictured), commercial head of sales, said: “InterBay’s entry into the bridging market has been keenly awaited, and with the backing of specialist lending group OneSavings Bank, we’re delighted to offer our new proposition in partnership with brokers who are experts within this field.”
In January InterBay simplified its buy-to-let pricing structure, following a similar move in its commercial products.