After the news broke on B&C that the lender was re-entering the small balance commercial market, InterBay has started to place a number of commercial deals among its chosen distributors.

The lender now offers Buy-to-Let, Semi Commercial and Commercial products that have proved competitive and unique in what is already a growing market place.

InterBay typically offer loans at up to 75 per cent LTV for a value of up to £1 million, though will consider larger deals of up to £10 million thanks to their funding from One Savings Bank. 

The lender will also offer a maximum term of 30 years, compared with the typical High Street maximum of 16 years, and will consider interest-only products for the duration of any term provided.

Chosen brokers, who have had access to Interbay’s new offering after they announced partnerships with certain brokerages, have highlighted the lender’s capability and appetite to lend.

Finance 4 Business, who recently revealed the advantages offered by InterBay’s products over those of their competitors, are one such addition to the lender’s packager panel. The brokerage’s Managing Director Russell Martin said: “InterBay’s debt service cover ratio criteria is far more relaxed than other lenders in the market space. Typical criteria on all Buy To Let, Commercial and Semi-Commercial products are designed so that our clients can extract more funds from InterBay than from other funders.

Russell added: “InterBay’s processes are slick and exceptionally fast. Title insurance and other backend processes are geared towards speed and efficiency. Their process is clearly directed towards broker business and if the deal is assessed and presented thoroughly at an early stage the work required thereafter is less extensive than that of competitors. 

“Deals are fully underwritten from the start, as underwriters will look at clients carefully on day one and deliver a credit score before a deal progresses any further. Through putting in more time and effort at an early stage, they can save even more in the long term. 

“Once a deal is back in our hands and a client is approved, a valuation is really the only barrier remaining to completion.”

Pete Turner, Commercial Director at All Types of Mortgages ltd, said: “It’s great news for the industry that InterBay is back and hungry to lend. Deals we’ve passed on recently have been turned around very quickly and proficiently, and their attitude is encouraging.

“For the market as a whole, it’s great to have another commercial lender alongside Shawbrook to service a large and ever-growing market. InterBay’s interest-only and full term products have gone down particularly well with clients and investors alike, and are indicative of a great understanding of the sector.

He added: “With support from some fantastic introducers, we’re sure that Interbay’s continued lending will go well and we will continue to place a number of completed deals with them."

Tony Sutton, Managing Director at Specialist Commercial Finance, said: “I’ve found that the turnaround time on InterBay’s new products has been exemplary, as has the ratio of our enquiries to conditional offers of finance. Their staff have been working flat out since the launch to ensure service standards are maintained, including last Sunday!

“Their interest-only products over the full term are proving to be very popular with both our introducers and their customers, as is their simple affordability calculation. 

“Overall I’m really pleased with the way in which they’ve come back into the market and how our deals with InterBay are going.”

Omega Commercial Solutions are one of several brokerages that have enjoyed a relationship with InterBay since their original launch in 2006. Their Operations Director, David Sampson, said: “We are delighted they have returned to market which is a really positive event both in terms of helping UK businesses and investors get the economy moving again, and also bringing further competition to the commercial property funding market.

“We are equally delighted they have chosen Omega once again to be a Key Partner, as we share their commitment to high levels of service and client care.”

He added: “The new product range includes many of the most positive criteria for commercial funding available in the market, but with InterBay’s own innovative twists, plus the added flexibility and speed of underwriting, our clients  are given real choice in the commercial mortgage market.” 

Rusell also added: “Too many lenders come to market and expect things to pan out as they did four or five years ago, while InterBay have developed products which are more fitted and appropriate to the current state of the market.

“We’re happy to be one InterBay’s selected distributors, as it’s clear that they have selected those that they think are strongest in our field.”