B&C can exclusively reveal that InterBay Commercial has today, Tuesday 16th October, launched its highly competitive, flexible and innovative products aimed at the UK small balance commercial market. 

This news follows the recent acquisition of InterBay Commercial by mutual OneSavings Bank plc and it marks the lender’s comeback to the market since it left it in 2008, as predicted by B&C three months ago.

Colin Bell, CEO of InterBay Commercial, commented: “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 throughout the UK, many of whom we have worked with and kept in contact over the years.”

The products will initially be:

• From £75,000 to £1,000,000;

• Larger loans by exception up to £5 million;

• Maximum LTV 75 per cent;

• Good credit history;

• Margins starting from 4.95 per cent over 3 month LIBOR;

He continued: “We will give our Key Partners quick fully credit underwritten decisions up front - decisions we will stand behind. This unique proposition ensures the Key Partners can talk with confidence to their brokers about the commercial loan they are proposing. Our pricing is keen and InterBay is here to provide crucial loans to the SME market which is still crying out for liquidity and a listening ear.”

Andy Golding, CEO of OneSavings Bank plc, added: "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.”

By Jason McGee-Abe