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InterBay slashes October legal fees by 25%

by: Heather Greig-Smith
  • 30/09/2016
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Specialist commercial mortgage lender InterBay has joined forces with solicitors Paris Smith to reduce all lender legal fees for completions in October by 25%.

If Paris Smith acts for the borrower under dual representation, borrower legal fees will also benefit from the 25% cut.

The lender, which was acquired by OneSavings Bank Group in 2012, said it hopes to drive record levels of business in Q4.

Darrell Walker (pictured), head of sales for commercial and second charge lending, said: “InterBay is serious about closing loans and this borrower incentive, made possible by the superb team at Paris Smith, will help drive faster completions, benefiting introducers and key partners by offering discounts to borrowers.”

He added: “2016 has seen InterBay launch a number of pricing, product and service enhancements which have helped make our proposition even more attractive and competitive. Alongside our formal offer to completion service, we are aiming to make Q4 a record period for the business.”

Stuart Allen, partner at Paris Smith, said the firm’s legal services are designed to overcome the timescales commonly associated with commercial and buy to let lending.

“The property finance team at Paris Smith will strive to meet the most challenging of turnaround times from offer to drawdown and we are very happy to inject additional impetus during October with a reduction in legal costs,” he added.

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