InterBay Commercial has launched into the residential and commercial bridging markets with rates from 0.44 per cent per month.
The bridging product is available with a gross loan-to-value of up to 75 per cent on residential investment property and 70 per cent on commercial, and has a maximum term of 18 months.
It comes with a 2 per cent arrangement fee and no early repayment charges, alongside an agreement in principle within four hours and roll-up interest only.
Interbay Commercial, which is part of specialist lending group OneSavings Bank, has initially launched the rate through a select panel of brokers.
Darrell Walker, head of sales for commercial at OneSavings Bank, said: “InterBay’s entry into the bridging market has been keenly awaited, and with the backing of specialist lending group OneSavings Bank, we’re delighted to offer our new proposition in partnership with brokers who are experts within this field.”
Chris Treadwell, head of London-based Enness Commercial, said: “InterBay’s 0.44 per cent rate is most certainly market leading.
"Their new products add a further dimension to a complex market and we’re sure, with their underwriting abilities and keenness to do business, we’ll do a fair amount on these new products.
“We’re a long-time supporter of InterBay and are delighted to be included in their tightly controlled broker panel and even happier with their progressive pricing structure.”