Allica to lend additional £50 million in owner-occupied commercial mortgages at reduced rate
28 June 2021
Allica to lend additional £50 million in owner-occupied commercial mortgages
at a limited edition reduced rate
Allica Bank has committed to lend an additional £50 million at a reduced margin of 3.5% during an 8-week promotion targeted at SMEs looking for owner-occupied commercial mortgages.
The promotion has been designed to help brokers ensure their clients can access the finance they need to achieve growth. Qualifying owner-occupied mortgages are between £150,000 and £5 million with a loan-to-value of up to a maximum of 60% and where debt service coverage ratio is more than 2.0x.
Nick Baker, Managing Director - Intermediaries at Allica Bank, says with the economy already looking to be picking up speed, the bank is keen to support brokers and SMEs: “As our broker partners know, established SMEs seeking owner-occupied commercial mortgages have been traditionally underserved by banks, and with the opportunity for growth and recovery at a high, it is the ideal time to be offering this additional support.
“We’re reducing our rate to 3.5% in order that as many businesses as possible that are looking for owner-occupied commercial mortgages can benefit,” he says. “It is the kind of rate generally only offered by high street banks. We’re extremely pleased to be offering this rate in conjunction with the award-winning service of our business development managers* – dedicated to delivering consistency, clarity and collaboration.”
Allica Bank recently increased its maximum commercial mortgage loan size from £3 million to £5 million.
Brokers can speak to their Business Development Manager to find out more.
*Allica Bank were awarded ‘BDM Team of the Year’, ‘Best Commercial Mortgage Lender of the Year’ and ‘Patron of the Year’ at the 2020 NACFB Patron awards.
