Less than seven months after relaunching, a lender has extended its maximum loan size to £5 million and slashed rates across its range of commercial and buy-to-let products.

InterBay Commercial, part of the OneSavings Bank PLC Group, has announced a reduction in pricing across its commercial, semi commercial and buy to let products following its successful relaunch in October 2012.

Initial updates to the lender’s range include:

• Loan size improved to provide between £75,000 and £5 million (larger loans considered by exception);
• Maximum LTV of 75 per cent;
• Considering borrowers with a good credit history;
• Margins starting from 4.95 per cent over three-month LIBOR for Commercial, and 4.00 over three-month LIBOR for BTL deals; and
• Reduction of completion fees from 2.5 to 1.7 per cent.

InterBay’s CEO, Colin Bell, told B&C that such changes were a reflection of the lender’s improving position within the market.

He said: “Thisis fantastic news for key partners, brokers and borrowers –e everyone will gain from this change. Having successfully launched with the highest regarded service in our sector I now want to accelerate our completion volumes.

“I am comfortable that we have put in place a robust and market-leading proposition and am now looking to build a good sized pool of mortgages.”

He added: “InterBay is serious about providing funding into the SME and investor market and these changes show how committed we are to a quality volume lending proposition.”

Colin was also quick to highlight the benefits available to InterBay’s partnered firms.

He said: “We will continue to give our Key Partners quick fully credit underwritten decisions up front, something we have always done, as it is key to give clarity and make decisions we will stand behind. This proposition ensures our Key Partners can talk with confidence to their brokers about the commercial loan they are proposing.

He concluded: “Our pricing is keen and InterBay is here to provide crucial loans to the SME market which is still crying out for liquidity and a listening ear.”

The updates are believed to be the first of a series of developments to come from the lender in the near future.

B&C reported earlier this month that InterBay was planning to include “some elements” of development finance as part of their offering, alongside the launch of a residential property investment scheme.

Further details are due to be announced shortly.