A three-year fixed period is being offered on both the non-conforming and near prime range of commercial mortgage products.
Business customers can choose either a three month variable or to fix their repayments for three years. The client simply applies the product margin to either three month variable LIBOR (currently 4.70 per cent) or three-year fixed LIBOR (currently 5 per cent). There is no differential on fees or early repayment charges between the two options.
Stephen Johnson, Commercial First’s sales and marketing directo,r said: “There is a very significant operating benefit for small businesses taking a fixed period commercial mortgage as it provides certainty of repayment. This is vital for many small-to-medium enterprises (SMEs) – who can forecast their cash flow and budget for their business with confidence.
“At the heart of our business is the desire to streamline the commercial mortgage process and offer a range of simple, easy to understand and above all transparent products. With this latest addition we can now offer our intermediaries and their customers a number of options including fixed rates, interest only periods, 30 year terms and we cater for full status (documented by accounts), self-certification and/or adverse credit within our product range.
“Intermediaries need lenders that can provide a range of solutions and support them with innovative product and process ideas. We feel it is our responsibility to give our supporters the ability to grow and be more successful.”
