The range includes Business Banking Secured Loans and Recovery Loan Scheme products
Digital lender Atom bank has announced that it is offering its range of commercial mortgages, featuring fixed rates as low as 5.75%.
The bank said the range includes Business Banking Secured Loans (BBLS) and Recovery Loan Scheme (RLS) products, each designed to cater to varying financial needs.
BBLS fixed rates come with commitment terms ranging from two to seven years, starting at 5.75% for loans up to 45% loan-to-value (LTV). For LTVs up to 60%, fixed rates start from 6.15%, and for those up to 75%, rates begin at 6.56%. RLS products also feature fixed rates spanning between two and six years.
Atom bank provides commercial mortgages up to 75% LTV for loans up to £1 million, with a slightly reduced LTV of up to 70% for amounts exceeding £1 million.
The bank offers secured business loans with bespoke pricing, enabling brokers to generate indicative quotes online.
The lender made enhancements based on broker feedback throughout 2023, with the improvements focused on streamlining the lending journey. It has also overhauled its commercial underwriting process, resulting in a significant reduction in application-to-offer time by an average of 42%, enabling the bank to issue offers within 14 working days on average.
“We know that price is often the most important factor for brokers and their clients when seeking a commercial mortgage,” said Tom Renwick (pictured), head of business lending at Atom bank. “Thanks to our efficient, digital model and bespoke pricing, we can offer some of the most competitive rates on the market as part of our ongoing support for UK business owners.
“Our service is improving all the time too as we partner cutting-edge technology with genuine industry experts. Important changes over the course of the last year mean that our current application to agreement in principle time is just one working day, so business owners and their brokers can benefit from certainty of decision as well as these great prices.”
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