Interbay lending on semi-commercial and still lending to LTD co Trading Businesses, Trusts, SIPPS/SASS and Portfolio loans

This update will provide a more comprehensive update on where Interbay Commercial are in the market currently and what’s next.

Yesterday we launched new products across our BTL range up to 75% LTV replacing a previous 70% LTV range being used for desktop AVMs which included many restrictions. Most of these restrictions have now been lifted which is great news however Interbay are still limited to 6 bed HMO’s and 6 unit blocks as they have to be valued by Connells and this is their limit.  We are still awaiting confirmation that specialist valuers have returned for the group which will enable us to value bigger HMO/MUB property or those that are more specialist in size, configuration etc.

Lending to LTD co Trading Businesses, Trusts, SIPPS/SASS, Portfolio loans are all available as they were prior to COVID-19.

Full commercial property remains frozen for now along with funding any Bridging loans.

Semi-commercial properties are being considered with restrictions summarised below with products attached

  • Max value £1m
  • Max LTV 60%
  • Residential income must cover ICR as 125% @ 5%
  • The commercial element should have remained trading throughout COVID-19 – for example takeways, some retail, doctors, dentists would all be ok. I’ve even had a vets!
  • The applicant would need to be financially comfortable in covering void periods and this will be probed
  • Full underwrite prior to valuation instruction (placed on hold until valuers have returned)

The calculator is offline as it is going through some coding changes. I can do the illustrations for you manually though so please get in touch with your enquiries and I will do those.

As the weeks progress naturally criteria should loosen up once the risks are fully assessed and we have the resource to process significant volume.

InterBay Commercial
e: DGurm@interbayuk.com

m: 07548 239 462

t: 0345 878 7000

f: 0118 900 5757
www: interbay.co.uk