Properties in England between seven and 20 bedrooms/units can be considered, with loans from £100,000 to a maximum of £1.5m, and up to 70% LTV. 

Student lets will also be considered, in addition to larger loans, on a referral basis, and intermediaries are urged to contact their senior BDM to discuss specific cases.

As part of OneSavings Bank, InterBay is able to leverage its expertise in this particular market and will be utilising physical long-form valuations (described as a specialist, much more detailed report, commonly used on bigger HMOs and more complex properties) through its valuer colleagues to support this move.

“It’s great to see how quickly InterBay Commercial has been able to come back to market with such strong product offerings and to meet broker partners’ key requirements during these testing times,” said Adrian Moloney, group sales director at OneSavings Bank (pictured above).

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•   Kent Reliance, Precise and InterBay will consider furloughed applicants
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“InterBay Commercial’s experience in the larger HMO and MUFB market makes [it] the natural home for this type of business.
 
"This enhanced range illustrates our commitment to the market, as well as the confidence we have in our policies by being able to offer long-form valuations.”

Rob Jupp, CEO at Brightstar Financial — one of InterBay’s broker partners — commented that the lender had an “unparalleled breadth of expertise” in the HMO and MUFB market and offered a high level of flexibility within its product range to accommodate this. 

“As brokers, we know with their underwriting expertise and in-house valuation support, they can be relied upon in being consistent with their decision making. 

“If there’s a way to get a case over the line, the InterBay team will go the extra mile to achieve it, and that message remains just as true today.”

In an interview with Bridging & Commercial, Adrian said that InterBay’s BDMs have been “on the front foot” and are continuing to engage with brokers to ensure they are updated with the lender’s criteria.

He believes this is important as it means intermediaries will have a better understanding of the current market, such as for larger HMOs, for example, an area Adrian feels there is probably a gap in the market, due to valuations only recently returning.
 
“I think what brokers and clients want at the moment is surety of decisions when they're doing deals,” he stated.

With the sector changing at pace, Adrian feels that the role of a broker has never been more important, and becomes “much more critical” at times like this — especially for complex property cases.

Earlier this month, InterBay, Precise Mortgages and Kent Reliance for Intermediaries, announced that all BTL and residential pipelines cases will now progress, where valuation fees have been paid.
 
The OSB brands will also consider applicants who are currently furloughed, subject to additional underwriting.