Colin Bell, InterBay's operations director, said: "InterBay has a 'can do' approach to commercial lending, we're hands on and like to get deals done. When we heard that brokers wanted a BBR based commercial mortgage range, we were quick to react."
"After listening to feedback from our brokers and InterBay's business development team, we designed a competitive range of fixed and tracker rates that are priced from Bank Base Rate. We've modelled the range to be as competitive, or more competitive, than our previous LIBOR range."
"Last week we flew out to our Miami headquarters to agree the new range. All-in-all it took just ten days from concept to launch. That's one of the benefits of working with InterBay; we're flexible, fast-paced and can react quickly to market needs. Meeting the needs of the UK mortgage brokers is paramount in my book. And the initial reaction to the new BBR range has been very positive."
Gordon Covell, joint chief executive of Active Management Group, said: "It's great that a lender is accommodating the needs of brokers in this way. InterBay's initial LIBOR range was strong and the BBR range is another step forward for them. Just like residential clients, my commercial clients also like BBR based mortgages. Often they won't be familiar with LIBOR and they take comfort knowing, and being able to track, Bank Base Rate. InterBay's new BBR range is good news for our commercial members."
Programme highlights:
* Competitive BBR based products for small commercial mortgages
* Interest only option available
* True self-cert
* No lender fees charged across the range - take a 'free look'
* Conditional offer in 48 hours, fully credit checked and underwritten
* Up to 85 per cent loan to value (LTV).
