West One launches Commercial Mortgage offering to full market
After a highly successful commercial pilot with a selected group of brokers, West One has announced that from today its commercial mortgage offering is available to the wider market across England and Wales.
The commercial mortgage product range offers rates from 6.69% on semi-commercial properties and 7.44% on commercial properties. LTVs are offered up to 75% of the Vacant Possession Market Value figure with loan sizes up to £3m as standard.
The pilot programme created an opportunity for West One to evaluate their initial market offering and the extent to which it met the needs of commercial borrowers.
Upon launch, the proposition garnered strong interest, with hundreds of enquiries received. The pilot produced a healthy conversion rate of these enquiries, indicating strong alignment of its proposition with the needs of commercial property investors.
The specialist lender has also upheld its commitment to respond to all communication within 24 – 48 hours throughout the pilot. Speed and service are key elements of the West One proposition across products. Not only has this rapid response level created a positive broker experience but has also led to quicker average completion times.
A key feature of West One’s commercial mortgage offering is that lending is based on Vacant Possession Market Value and not the standard 180-day figure common in commercial mortgage lending.
Borrowers will not be credit scored, and each case will be assessed on its own merits. Flexible lending criteria is used and first-time-landlords, borrowers with minor credit blips, foreign nationals, expats, and those with complex income will be considered.
Duncan Abraham, West One regional director says, “The results of the pilot clearly demonstrate the appetite for flexible and practical commercial mortgage solutions. We’ve listened to brokers and investors and designed our product to meet their needs with speed and clarity. The full launch marks a significant milestone, and I look forward to supporting our broker clients as we provide new opportunities within the commercial property sector.”
Danny Waters, CEO of Enra Specialist Finance (West One’s parent company), added “With the addition of commercial mortgages to our range of products, West One is entering a new phase of growth. Interest in our commercial pilot programme has been immense, and it is clear that brokers are looking for better alternatives to those that have been available on the market. West One is looking to fill that gap with a unique proposition that will set us apart in the industry while contributing to strong revenue generation through the loans we originate.”