Interbay Commercial, part of specialist lending group One Savings Bank, announced the move following a successful product trial in 2017,
Key product features include rates that start from 0.44% per month, gross loan-to-value (LTV) up to 75% on residential investment property and 70% LTV on commercial property, a 2% arrangement fee with no early repayment charge, and loan terms up to 18 months.
According to figures from the Association of Short Term Lending, demand for bridging loans grew by almost 40% between Q3 2016 and Q3 2017.
Adrian Moloney (pictured), sales director at One Savings Bank, said 2018 was promising more of the same.
Moloney continued: “With such strong demand across the industry, we’re not planning to take our foot off the gas, especially after such a positive response to our trial.
“There’s clearly a lot of appetite among brokers for tailored products that will help their clients’ bridge quickly and efficiently, so I’m also very happy to announce that we’re now able to offer this proposition through our new partners 3mc and Buy to Let Club as well as our current partners on the Interbay broker panel.”
The partnerships with mortgage clubs 3mc and Buy To Let Club, will allow those brokers to access the new bridging proposition as well as Interbay’s commercial and specialist buy-to-let (BTL) products.
Doug Hall, director of 3mc, commented: “Interbay’s strength and innovative spirit are evident in their new bridging proposition. Taken in conjunction with their existing range of commercial and specialist BTL products, it provides wider choices for our customers and coupled with their customer centric approach is hard to beat.”
“We are thrilled to be partnering with Interbay, demonstrating 3mc’s continued support for directly authorised intermediaries,” Hall continued.
Ying Tan, Buy to Let Club managing director, added: “We’re delighted to be one of two clubs chosen to support Interbay in this ground-breaking new proposition. It’s great to see a commercial lender taking this bold step and making complex mortgages more accessible to the wider market.
“I know that our members will welcome these enhancements wholeheartedly.”