As part of enhancements to its website, InterBay Commercial has launched a calculator facility which can compute monthly repayments, interest rates and proc fees attached to commercial mortgages. Users input client and property details into the calculator, with the findings highlighting product details, including costs and the brokers’ proc fees.
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In further moves to improve its online operations, InterBay Commercial announced the facility would be flexible, enabling users to tailor-suit the technology to their precise needs. As part of the system developments, borrowers can also opt to pay a completion fee to reduce the interest rate, or, alternatively, make changes to the loan term to decrease the monthly repayments.
Announcing the system, Anna Bennett, marketing director at InterBay Commercial, said: “We are striving to streamline the commercial mortgage application process and to assist intermediaries to the best possible degree. The new online calculator allows intermediaries, whatever their level of experience in dealing with commercial mortgages, to take control of the application process and tailor make deals that best suit their clients. The new system is designed to be quick and easy to use and to make the lives of intermediaries that little bit easier.”
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However, a broker, who wished to remain anonymous, said: “Commercial needs to be treated completely differently to the wider mortgage market, and it needs to be a far more personal approach. You cannot base the sale on answers obtained from a sourcing system, you have to go and meet the client and have a more detailed approach to commercial deals.”
