The American commercial lender launches into the UK mortgage market in May and will offer finance between £50,000 and £600,000 to smaller businesses.
Colin Bell, director of InterBay Funding, commented: “We are very excited about our partnership with Dashboard Enterprises as we feel its technology is perfect for our needs, giving us the capacity to launch our services in the UK at the highest level. As a hosted service, built following extensive knowledge, Dashboard provides the complete support and infrastructure on tap, giving us every confidence for an exciting and rewarding future together.”
The commercial mortgage sector is seen by InterBay as an under-served market and a number of players, including Trustguard and Vespa, have also announced in recent weeks they are to launch commercial propositions.
Dashboard will be providing the technology for InterBay’s launch and David Aylmer, joint managing director of Dashboard, is excited by the prospect.
“We are delighted to have been chosen to work with InterBay Funding on such an important new project, creating new ground in the UK mortgage marketplace. Combining our own experience with Interbay’s reputation and resource will make a powerful combination.”
Thomas Reeh, chief executive of blackandwhite.co.uk, said: “It doesn’t surprise me that more people are coming into the commercial market as we are doing more commercial business every month. It’s very specialist but the increasing competition will be good for the market and we’ll be looking to see what the new players do in terms of making a splash.”
