Having launched as a niche player in the non-conforming commercial market, Business Lending is in the process of finalising a commercial mortgage product aimed at the farm or rural property purchaser.
The product has been developed in conjunction with specialist intermediary, Rural Business Lending.
Kevin Cooke, sales director of Business Lending, said the product would give rural property buyers access to keener rates, while maintaining flexible underwriting processes.
He said: “This is a fresh avenue for us. When we launch the new product, the ‘fine prime’ concept will be rolled out in a series of similar products adapted for specific property sectors.
“Having successfully launched into the near-prime and non-conforming markets earlier this year, we are keen to broaden our appeal by attracting more business, which has traditionally been going to the high street.”
Greg Pogonowski, senior consultant at Ample Financial Services, commented: “I don’t think there are enough lenders in the agricultural or rural markets, therefore I believe a move into this area will be good news for the consumer. A lot of lenders do not understand agricultural ties or know what kind of demand there is , which makes potential custmers’ choices limited.”
Rachel Loynes, mortgage adviser at Carterbar Ltd, added: “From the one property I dealt with that had a farming element to it, finding a lender was a huge problem. If Business Lending specialises in this area and it is good at it, it is going to have a niche market and should do well.”
