Atom bank has announced a raft of rate reductions on its commercial mortgage range, including on large commercial mortgages.

Commercial mortgages of between £2m and £4m will see rates cut by up to 0.25%, effective immediately.

The rate reduction comes after Atom bank last month increased the maximum loan-to-value (LTV) available on large commercial mortgages. As a result, mortgages of up to £5m are now available up to a maximum of 75% LTV against the market valuation, a move which allowed some applicants’ maximum potential borrowing to increase from  £1m to £5m.

Alongside the rate cuts for large commercial mortgages, Atom bank is also reducing rates across the rest of the non-government guaranteed commercial range by up to 0.68%, with immediate effect.

Commercial customers benefit from bespoke pricing at Atom bank, based on their circumstances, though brokers can obtain an indicative quote using the ‘Quick Quote’ tool on the Atom bank broker portal.

The portal also allows brokers to instruct a valuation for the case at any point up to the issuing of an approval in principle (AIP).

Tom Renwick, head of business lending at Atom bank, said: “Across the board Atom bank is now even more competitive on price as we look to support more SMEs with their borrowing needs. 

“For high quality borrowers, there has not been a better time to take out a loan with Atom bank, with highly competitive prices in the £2m to £4m space. The cuts on large commercial mortgages, combined with our recent increase to the maximum LTVs available, have been done on the back of a wider appetite for larger loans and we are keen to unlock finance for borrowers at higher debt levels. 

“We know that cost is only one element in delivering for commercial brokers and their clients, which is why we continue to introduce improvements to our processes which mean we can deliver a smooth and speedy service. As a result of the ongoing improvements we are making, we are providing an offer within 14 working days on average for fully packaged applications.”

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