The Cumberland expands commercial lending criteria
The Cumberland Building Society has unveiled new commercial lending criteria as it looks to further support businesses throughout 2025 and beyond.
The new criteria will apply to those in the hospitality sector, as well as to businesses within the healthcare, professional services, and food and drink industries – new sectors which The Cumberland recently entered.
Driven by The Cumberland’s Kinder Banking approach, which puts people at the heart of what they do, the new commercial lending criteria will see the building society increase its maximum Loan To Value (LTV) up to 70% and increase its maximum loan terms up to 25 years. In addition, the maximum individual loan size has been increased to £6m.
By increasing its LTV, maximum loan term and loan size, The Cumberland aims to provide additional support for businesses to help them grow and navigate current economic challenges.
Scott McKerracher, head of commercial, said: “Changes to lending criteria enhances our offering, giving more options to businesses looking for funding”.
“After listening to our customers, we’ve made this decision to further support them in their ambitions, helping them to access the finances they need to thrive and grow a successful business.”
The Cumberland consistently monitors the markets in which it operates, assessing the risks and difficulties faced by businesses.
Scott added: “Whatever businesses are looking to achieve, whether it is future-proofing their operations or looking to seize opportunities for growth, by making positive changes to our lending criteria the Society is better placed to provide additional support and help them with their ambitions.
“We’re looking forward to working closely with our current customers and building partnerships with new clients in the year ahead.”