Atom bank commercial mortgage rates reduced
The commercial mortgage rates offered by Atom bank, the UK’s first app-based bank, have reduced.
As a result, variable rates now start at 2.08% above base rate for loans at 45% loan to value.
Highlights of the range include:
| Loan type | LTV | Representative rate over base rate* |
| Trading businesses | 60% | 2.89% |
| Trading businesses | 50% | 2.59% |
| Property investment | 60% | 2.84% |
| Property investment | 50% | 2.54% |
*All rates quoted are subject to status and assessment of application.
Atom bank also offers a range of fixed rate commercial mortgages, with rates starting at 6.20%.
The reduced variable commercial rates are available now.
Atom bank offers commercial mortgages up to 75% LTV for loan sizes up to £1m, while larger loans of more than £1m can be obtained up to 70% LTV. The range includes Business Banking Secured Loans (BBSL) and Recovery Loan Scheme (RLS) products.
Swift service
Atom bank offers bespoke pricing on its commercial mortgages, while brokers are able to swiftly generate an indicative quote for their clients via the Atom bank broker portal.
Thanks to the significant investment the bank has made in implementing over 170 upgrades to its broker portal, alongside introducing a dedicated broker support team, fully packaged applications currently receive an agreement in principle within one working day on average, with offers provided within 14 working days.
Tom Renwick, head of business lending at Atom bank commented: “Atom bank is a dedicated supporter of small businesses, so as the cost of funds have changed it is important to reflect that in our variable rate pricing. With inflation continuing to fall, and speculation growing around potential base rate reductions, variable rates will continue to hold an appeal for business borrowers.
“However, while price is a crucial factor for brokers and their SME clients, so too is speed. Business borrowers need to know where they stand as quickly as possible, which is why Atom bank has made a significant number of improvements to our broker portal over the last year, ensuring that on average we are able to issue an Agreement in Principle in just one working day after receiving a fully packaged application.”
