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The company will be merged with commercial mortgage lender 5D and will continue with the name of InterBay Commercial.

Colin Bell, chief executive of InterBay, said: "It is with great delight that I am able to announce an exciting new chapter for InterBay Commercial in the UK. Since our launch in 2006 we have experienced an amazing growth trajectory.

"We have created a great team, a strong brand and originated a portfolio of loans which are outperforming the market. It is testament to these achievements that we have been able to attract a new UK parent and provide a secure future."

"We now have a great opportunity to merge with 5D and re-launch our company – all with the strong financial backing of our new parent.

"We are entering the merger and planning phase, so I have taken the decision to temporarily cease new business. We have every intention to re-launch our lending products in the future.

"We have spoken with our intermediary key partners and are working through our pipeline to ensure all brokers and potential borrowers are treated fairly during this period of change. I cannot reveal our future plans at this juncture but I will say that this initiative is good news for the business."