InterBay has entered into documentation to conditionally sell the entire issued share capital of the InterBay Group to OneSavings Bank today.
Under the deal the firm will continue to trade as InterBay Commercial and Colin Bell will continue in his role as chief executive of InterBay.
The commercial lender has spent the past three years servicing its backbook and will take its existing staff with it.
Bell said: “The partnership will allow us to return to lending in the small balance commercial arena and help intermediaries’ diversify and grow their current business portfolio.
“The business will continue to focus on building upon our partnerships with packagers and to widen our product offering into new market areas, still focusing on quality borrowers in the SME market.”
Andy Golding, CEO of OneSavings Bank, added: “SMEs and mortgage intermediaries are currently underserved with competition and new product launches limited.
“This alliance is an exciting opportunity for us to capture the commercial mortgage market and build on InterBay Commercial’s excellent reputation in this specialist field.
“We are totally committed to the UK market and we look forward to announcing exciting and initiative products in the near future.”
