InterBay cuts commercial rates and launches dual legal representation

Pricing changes include a 0.25% rate reduction for all commercial and semi-commercial term products and a simplification of the range to reduce the number of yield-based pricing tiers.

InterBay has introduced the facility of dual legal representation for bridging through panel solicitors Clarke Willmott. Dual representation means that Clarke Willmott can act for both InterBay and the borrower on bridging loans up to £2,000,000 which will help provide brokers with a faster, efficient and cost effective method of accessing short term finance on behalf of their clients.

Peter Swinburn, partner at Clarke Willmott, said: ‘We are delighted to partner with InterBay to assist with its dual representation offering. We have worked hard to ensure our offering remains as competitively priced and efficient as our service delivery when acting solely for InterBay. We have carried out extensive research to benchmark our fees against other law firms providing a similar service, and are confident that our offering provides great value for the service provided.”

Darrell Walker, head of sales at InterBay Commercial, added: "Brokers are at the heart of our business and we take their feedback seriously as evidenced by the introduction of dual representation for bridging which will help facilitate a faster turnaround and is a service enhancement that complements our dedicated in-house bridging team.

“In conjunction with the commercial rate reductions, it shows InterBay’s commitment to providing innovative and flexible solutions for brokers no matter how simple or complex their cases may be.”