InterBay was sold in August 2008 by its then US parent Bayview Financial and ceased all new lending and withdrew from the market in 2008.
UK commercial lender 5D Group bought and merged with InterBay Commercial in August 2008, re-launching under the InterBay Commercial name. Interbay Commercial was recently acquired by mutual OneSavings Bank.
Interbay Commercial’s products will initially be available between £75,000 and £1,000,000 with larger loans by exception to £5m. The maximum LTV is 75% and borrowers must have a good credit history. Rates start from 4.95% over 3 month LIBOR.
“It’s fantastic to be back lending and launching 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 through the UK, many of whom we have worked with and kept in contact over the years”.
Andy Golding, CEO of OneSavings Bank 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.”
