InterBay

InterBay have chosen 'limited partner distribution' for their new Unregulated Bridging product range!

Eligible Borrowers:
UK and EAA nationals residing in the UK for 36 months UK-registered as non-trading Ltd Companies or LLPs. Directors/Members must provide full personal guarantees.
Minimum age - 21 years.
Maximum age - 85 years (at the end of the loan term).

Exit:
If the exit strategy is refinance, a stressed rental assessment will be applied to conform the exit strategy review.
Any exit strategy considered as speculative will not be acceptable.

Unregulated Bridging Mortgages available for:

Short Term Finance
Secured on investment property in a habitable or suitable condition to be let on completion of the advance.

Auction Purchases
Secured on investment property purchased at auction. LTV will be based on the lower of the purchase price or the market value.

Developer Exit
Secured on a residential development that has reached practical completion, with the benefit of all consents and a warranty or Professional Consultants Certificate (PCC).
The property/properties must be marketable and only recently offered for sale.
100% of net sales proceeds must be used to reduce the loan until LTV reaches 50% or less.

Light/Medium Refurbishment
Secured on a residential investment property where planned refurbishment works do not require planning permission or buildings regulations, and there is no change to the overall use or nature of the property e.g. internal refurbishment/reconfiguration - redecoration, replacement of bathroom, replacement doors, windows, flooring, non-load bearing reconfiguration.

Heavy Refurbishment
Secured on a residential investment property where planned refurbishment works require planning permission or building regulations e.g. Structural works and extensions/loft conversions.
Applicants must have a 2 year proven track record of refurbishing properties.

Commercial
Excluded properties: heavy industrial, petrol stations, religious property, hostels, bedsits, equestrian centres, public houses, agricultural properties, catteries, kennels, golf clubs, hospitals, mobile home parks, garden centres, telecommunications masts and other uses within classes A4, C2, C2A and D2 of the T & CP Use classes Order 1987, or those properties listed as Sui-Generis.

Portfolio Landlords and PRA Changes

With effect from October 1st 2017 InterBay will be implementing changes to their portfolio landlord criteria in line with the PRA changes. The following documentation will have to be supplied in addition the standard requirements:

  • Business Plan
  • Assets and Liabilities Statement
  • Cash flow statement

Commercial Mortgages

Interbay offer a range of term loans across commercial, semi commercial and buy to let properties. They consider each case on individual merits and always take a view on exposure limits for investors. Interbay have also recently launched a short-term finance facility for refurbishment of properties which can be switched to one of their competitive term products once works are completed.

AToM are delighted to be a GOLD Partner with InterBay

Key product features

  • Up to 85% LTV lending across buy to let portfolios and HMO's
  • Individual, Partnerships, Limited companies, SPV’s, LLP’s and Trust applications accepted.
  • Interest only options available across the full range of products
  • No minimum income requirements
  • Freehold property split into multiple units acceptable
  • Variable and fixed rate products available on all term products
  • New Prime and Commercial rates available
  • Rates starting from 3.45% on BTL and HMO properties
  • Up to 75% LTV available on short term light refurbishment finance
  • Up to 70% LTV available on medium and heavy refurbishment finance
  • Pre-planning short-term lending available up to 70% LTV

Who is this range for?

This might be the right range for your customer if they:

  • Are a professional landlord looking to remortgage multiple properties.
  • Are a landlord needing lower rental cover calculations - 125% coverage at pay rate or 5.0% whichever is higher
  • Have a property in need of refurbishment
  • Have an HMO of any size which needs finance.
  • Are a developer looking for short term funding whilst awaiting sale of their new build property

InterBay Case Study

Overview: Recently converted commercial property being purchased as 7 flats in Henley on Thames

Purchase Price: £1,900,000

Client was looking to raise: £1,425,000.

The client was an experienced landlord and high net worth individual but the main concern for this case was finding a lender who would consider 100% exposure on the subject properties. The Interbay sales team and Real estate team responded very quickly with a positive view of the case and the property exposure.

The indicative terms were agreed at a 5.5% rate on a 10 year interest only term for the full amount needed by the client.

The case was fully submitted to InterBay on 9th July 2014 and after underwriting, valuation and approval by the lenders credit committees the formal offer was issued on 21st August. At this point the case was referred to the solicitors acting for the lender and client. Completion for the case and drawdown of the funds went through on the 29th September 2014 following a short delay whilst the client awaited additional funds to be in place for the purchase.

To discuss InterBay Commercial call our Bridging and Commercial sales team on 01403 272625 (option 4)