InterBay Commercial slashes legal fees to help drive October completions
Sep 30 2017
InterBay Commercial, part of the OneSavings Bank Group, has partnered with solicitors Paris Smith LLP to offer an exclusive lender and borrower incentive in October.
For completions in October, all lender legal fees are to be reduced by 25%. If Paris Smith also acts for the borrower under Dual Representation, borrower legal fees will also be reduced by 25%, delivering savings directly to those taking out the loan.
Terms and conditions will be issued to Interbay key partners separately.
Yields will be calculated by dividing market rent by market value (based on vacant possession) and, even where a property is high yielding, nearly all rates are lower than now.
Darrell Walker, Head of Sales for Commercial and Second Charge Lending said: “2016 has seen InterBay launch a number of successful pricing, product and service enhancements which have helped make our proposition even more attractive and competitive. Alongside our highly-regarded formal offer to completion service, we are aiming to make Q4 a record period for the business.”
Darrell continues, “InterBay is serious about closing loans and this borrower incentive, made possible by the superb team at Paris Smith, will help drive faster completions, benefiting introducers and key partners by offering discounts to borrowers.”
Stuart Allen, Partner at Paris Smith LLP adds: “We are delighted to support the incredibly efficient team at InterBay with legal services designed to overcome the timescales commonly associated with commercial and buy to let lending. The property finance team at Paris Smith will strive to meet the most challenging of turnaround times from offer to drawdown and we are very happy to inject additional impetus during October with a reduction in legal costs.”