The lender has admitted that system enhancements had made commercial mortgages much quicker to deal with, and indicated that consumer demand would see lenders make further system developments.
The news followed the announcement that Interbay had completed a commercial mortgage within 30 days.
Anna Bennett, head of marketing at Interbay, admitted a number of brokers were previously sceptical of the commercial mortgage market due to the time that has to be spent on a case. However, she confirmed that lenders active in the market had made improvements to their service to speed up the application process. She said: “Commercial mortgages can be closed in under 30 days. Innovations such as our online application form, which was used in this case, are key to moving things along more quickly. This should help smash the myth that commercial deals take a long time to complete.”
Dean Vellender, director at Easy Life Alliance Ltd, said: “I don’t think delays necessarily put brokers off in the past, but I think more brokers will consider the commercial sector this year as they gain more understanding of what is involved.”
He added: “At the recent Mortgage Expo, a large majority of the stands were for the second charge or commercial market, so brokers are starting to understand the opportunities.”
