New approach offers brokers quicker deals, clearer costs, and less paperwork
InterBay, the commercial lending arm of OSB Group, has implemented joint representation in its legal process, a move designed to expedite transactions for brokers. The change is supported by an updated panel of conveyancers.
The introduction of joint representation brings several practical implications for mortgage brokers. With one solicitor acting for both the lender and the borrower, transactions are expected to move more quickly, enabling brokers to close deals faster and potentially increase business volume. Communication is also simplified, as brokers now interact with a single legal contact, reducing the risk of miscommunication or delays that can arise when two separate solicitors are involved.
In addition, InterBay has removed standard fee scales, allowing brokers to obtain direct quotes from their preferred legal firms. This provides greater cost clarity and makes it easier for brokers to offer clients accurate estimates upfront. The streamlined process is expected to reduce paperwork, enabling brokers to spend less time on legal administration and more time focusing on client relationships and new business.
As joint representation becomes more common in the specialist lending sector, brokers working with lenders who offer this option may be able to provide a smoother, more attractive service to their clients. The updates are intended to make the mortgage process more efficient and transparent, allowing brokers to deliver a better experience and potentially complete more business in less time.
InterBay recently introduced a series of changes to its commercial lending portfolio, including reduced rates, a lower minimum loan threshold, and a new owner-occupier product line.
“We’re always striving to improve the service we offer across commercial, semi-commercial, buy-to-let, and bridging sectors so we know that these changes will be welcomed by our broker partners,” said Marc Callaghan (pictured), head of commercial lending at InterBay. “Not only will these changes speed up the conveyancing process but we’ve updated our panel to reflect the in-depth knowledge and expertise needed to successfully support the new process.”
For Paul Debney, director of commercial finance at real estate debt advisory firm Karis Capital, “joint representation is a great option for us and our clients.”
“It can make the legal process more streamline, provide consistency across both parties and could be more cost-effective too,” he added. “It’s becoming increasingly popular within the specialist space, and we’re delighted that InterBay now provides this choice.”
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