CHL Commercial launches to the entire intermediary market following a successful pilot project established earlier this year.
It will offer intermediaries a competitive range of commercial lending products with a 1 per cent uncapped procuration fee. CHL Commercial will target commercial investment owner-occupied trading entities and larger houses in multiple occupation (HMO) residential units.
CHL Commercial, run by Mike Healy, will take a self-certification approach on loans to £1.5 million and charge rates from Base Rate plus 0.99 per cent to Base Rate plus 2.99 per cent, depending on the strength of the deal.
Interest-only terms are also available, often for the life of the loan. Most sectors are welcome including shops, offices, light industrial units, pubs, guest houses and care homes, although CHL Commercial will not lend towards environmentally-challenging units such as petrol stations or development finance.
Mike Healy, head of commercial at CHL, commented: “We are delighted to be able to announce the ‘hard launch’ of CHL Commercial to the entire market following our ‘soft launch’ pilot earlier this year. The commercial lending division will build on the experience, products and service that have been offered by CHL Mortgages for many years and intermediaries can be certain of the quality of our offering.
“CHL Commercial will provide a unique set of products and, unlike other recent entrants to the market, will lend towards the goodwill of trading businesses. We will also be flexible where strong covenants are offered on investment deals.
“Technology is also important to us and while applications are paper-based for now, we have plans to provide an online decision-in-principle later in the year.
“We pride ourselves on the first-class service we can offer to intermediaries. Throughout the pilot we have found that intermediaries want the comfort of discussing a deal in advance with someone they know and for this reason we have an expanding team of underwriters at our Fleet Head Office dedicated to commercial underwriting.
”We look forward to helping intermediaries and their clients with all their commercial lending needs.”
