Enness is delighted to have been selected as one of just six London-based mortgage brokers to have access to InterBay’s brand new and market leading bridging rates.
This week, InterBay announced its entrance into the bridging market, with rates as low as 0.44% – the lowest available in the bridging market. However, only 20 brokers nationally have access to this rate, and only six in London.
InterBay has long provided short term finance under their ‘Development Exit’ product, allowing developers to hold onto their property and sell at a better time. However, this new specified bridging product enables them to provide clients with a dedicated bridging service.
The new proposition includes:
- Market leading bridging rates from 0.44% per month
- Up to 75% gross loan to value(LTV) on residential investments and 70% gross LTV on commercial investments
- Term up to 18 months
- 2% arrangement fee with no Early Repayment Charges (ERCs)
- Roll-up interest only, with daily amount charged on initial loan plus fee
Head of Sales at InterBay, Darrell Walker, commented: “Following a successful trial, we are excited to announce the launch of our new unregulated bridging finance proposition.
The new proposition replaces our existing short-term loan products, offering simple and competitively-priced products that enable customers to fund fast property purchases, raise capital quickly, carry out refurbishments or exit more expensive development finance.
Bridging finance will be available through a select panel of InterBay brokers, enabling us to deliver the quality and speed of service expected within the bridging market.”
The Enness Bridging team is less than a year old so to have been recognised for its position in the bridging finance market, and included in the bridging finance market is fantastic. We’re sure we’ll do some excellent business with InterBay going forward, as we have with other companies across the group.
Bridging finance has become an increasingly useful and popular form of finance; check out article ‘6 ways to use bridging finance’ to find out more about how you could utilise bridging finance.