The fast track service is a unique offering among commercial mortgage lenders in the UK and is available through InterBay Commercial’s partner solicitors Barnetts.
Colin Bell, operations director at InterBay Commercial, said: "When InterBay entered the UK market in May 2006 it brought a wealth of experience from seven years of lending in the US. We have been working on the InterBay Commercial UK proposition to include elements of this as appropriate and in particular where we saw gaps in the existing UK market. One such area we identified is the use of title insurance on purchase contracts to speed up the process and provide lender protection.”
Bell continued: “We have been working with lawyers to put this in place for our lending in the UK and are very excited to be pioneering this with Barnetts who have been a very valuable partner to us. This process will allow us to remove a number of stipulations from our process meaning borrowers and brokers will not have to gather as much in the process and will also mean that our lawyers do not have to duplicate work.”
Richard Barnett, principle at Barnetts Solicitors, commented: "We at Barnetts are known for our innovative stance in the conveyancing market place and this advance dovetails with the work that we have done in challenging existing processes and developing solutions. We are delighted to be part of this pioneering process of using title insurance and believe that it is set to have a major impact on commercial lending in the UK. The new purchase transaction insurance policy will streamline procedures and eliminate duplication of effort on the part of the borrower’s solicitors and the lender’s lawyer. The goal is to achieve a double win by enabling a better customer experience whilst at the same time making life easier for the intermediary."
