Atom bank offers up to 75% LTV for loan sizes up to £1 million
App-based bank Atom has reduced its commercial mortgage rates, now having variable rates start at 2.08% above base rate for loans at 45% loan to value.
Atom bank also announced a range of fixed rate with rates starting at 6.20%.
Below are highlights of the range:
|
Loan type |
LTV |
Representative rate over base rate |
|---|---|---|
|
Trading businesses |
60% |
2.89% |
|
Trading businesses |
50% |
2.59% |
|
Property investment |
60% |
2.84% |
|
Property investment |
50% |
2.54% |
All rates quoted are subject to the status and assessment of an application.
Atom’s reduced variable commercial rates are now available.
For commercial mortgages, Atom offers up to 75% lifetime value for loan sizes up to £1 million. Meanwhile, larger loans of over £1 million can be obtained up to 70% LTV.
Atom said the range includes business banking secured loans and recovery loan scheme products.
The commercial bank also offers bespoke pricing on its commercial mortgages and brokers can “swiftly” generate an indicative quote for their clients through the bank’s broker portal.
The broker portal received more than 170 updates after Atom made significant investments.
Atom has also introduced a dedicated broker support team and has fully packaged applications receiving an agreement in principle within an average of one working day. The bank provides offers within 14 working days.
Atom Head of Business Lending, Tom Renwick, said the bank is a “dedicated supporter of small businesses, noting that it is important to reflect the changes in cost of funds in the company’s variable rate pricing.
“With inflation continuing to fall, and speculation growing around potential base rate reductions, variable rates will continue to hold and appeal for business borrowers,” Renwick said.
He also noted that while price is a crucial factor for brokers and their small to medium-sized enterprise clients, “so too is speed.”
Business borrowers need to know where they stand as quickly as possible, Renwick said, so Atom bank has made various improvements to its broker portal over the past year.
This ensures that on average, Atom bank can issue an agreement in principle in just one working day after receiving a fully packaged application, Renwick noted.
