The US firm will be launching its product range in May but has promised to bring its service-orientated model with it and make it easier for brokers to break into the commercial mortgage sector.
Andrew Murray, managing director for InterBay UK, said: “We are very hands on when it comes to service and we have always believed that service is key. We believe that every loan is different and has its own story so we try to cater for that.
“We are focussed on building up our service and for us, the amount of business that we do in the first year isn’t critical. We are not a rate-driven company but we try to focus on providing specific needs to help brokers and their customers.”
InterBay plans to deal in commercial business between £50,000 and £600,000 and is mainly focussed on providing finance to self-employed clients and those which cannot secure finance through traditional sources, such as high-street lenders, for example.
It plans to work direct with brokers, while not ignoring packagers, and it believes it can secure a place in what it sees as an under-served market.
Key to this plan is to work with brokers and educate them so they can deal confidently in the commercial sector.
Murray added: “Brokers have a massive network of contacts, whether it be sports clubs, church groups, etc and we are looking to help them expand this network and teach them how to use it so they can expand into the commercial sector and grow their business.
“A lot of it is down to brokers overcoming their fear of the commercial mortgage sector and we will be there for them every step of the way.”
Andy Pratt, chief operations officer at Alexander Hall, said: “The number of lenders in the commercial side isn’t as great as on the residential side so if they can bring new approaches and initiatives to the sector, it can only be for the benefit of brokers. Many brokers don’t really deal with commercial stuff so it will be good if they can provide them with a place to turn to.”
