InterBay Commercial, part of OneSavings Bank, has launched a brand new product that fuses the benefits of a term and refurbishment product.
The new product boasts rates from 0.65 per cent during the refurb at a maximum of 75 per cent LTV, before being rolled into a standard buy to let product up to 85 per cent.
A number of brokers across the country have already began to speak out on the product:
“We are delighted with this new product which demonstrates InterBay’s commitment to the ever evolving marketplace and continued support to its Key Partners”
Tony Sutton – Specialist Commercial Finance
“Another great product offering from InterBay and a product I am sure will generate a lot of interest”
Lucy Hodge – Vantage Finance
“A great Refurb to Term product based around experienced investors requirements. This will provide a long term solution where other market products restrict to shorter terms thereby tying the clients hands and incurring additional costs. Always good to see new products from InterBay”
James Hardwick – Charleston FS
“It’s refreshing to see InterBay launch a product that specialises in the refurbishment to term sector. This will be of particular interest to our client base of property professionals who hold portfolio stock for future positive yield”
Craig Hardiman-Scott, Pure Funding Solutions
The product criteria is described below:
• Maximum LTV during Refurb Period 75 per cent
• Light & Medium Refurb Options
• Rates from 0.65 per cent per month during refurb
• 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
Speaking on the news, Colin Bell, CEO of InterBay Commercial commented: “Following a successful trial of a product which the market was demonstrating clear demand for, InterBay is excited to add a term refurb mortgage to its popular product range. It was clear in our conversations with Key Partners that there is demand for a term refurb mortgage product that allows a refurb period to allow the borrower to enhance the value and earnings potential of real estate with a view to holding.”
“Whilst there is plenty of supply of bridging finance in the market some borrowers are looking for a long term product with a period during which the property will be vacant to allow them to undertake refurb. Having in house surveyors who complement the external valuations that we always undertake allows us to expertly assess and underwrite such mortgages.”
“We are delighted with this new product which demonstrates InterBay’s commitment to the ever evolving marketplace and continued support to its Key Partners”
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