Colin Bell, CEO of InterBay Commercial, commented: “Our return to market with very competitive products is our niche; alongside an unrivalled formal offer to completion service has produced some excellent results. I am now looking to make Q4 of 2013 a record period for InterBay. Therefore, for qualifying completions in October 2013, InterBay will give cash back to the borrower of their booking fee on completion. T&C will be issued to our Key Partners later today.
“Just in case this is not enough, our lawyers Paris Smith LLP, for whom we get superb feedback, have also agreed to reduce their lender legal fees by 20 per cent for qualifying completions in October 2013 as well, another saving directly for the borrower.
“InterBay is serious about closing loans and this package of borrower incentives will help drive faster completions to the benefit of the Introducers and Key Partners by offering discounts to the borrowers. I look forward to October being the best month ever for InterBay.”
Stuart Allen, Partner at Paris Smith LLP, said: “We are delighted to support the incredibly efficient team at InterBay with legal services 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.”
Tony Sutton, MD Specialist Financial Services Ltd, also added: “This is an excellent incentive for customers, not just in massively reduced fees but also a discount with a solicitor that is familiar with InterBay's legal requirements. This overcomes a huge obstacle to completing mortgages quickly and is most welcome.”
Product details:
• Commercial Product: Margins from 4.95 per cent over 3-month LIBOR (min 0.75 per cent); and
• Specialist Buy-to-Let Product: Margins from 4 per cent over 3-month LIBOR (min 0.75 per cent).
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