Atom Bank has cut commercial mortgage rates by 0.25%.
This will apply to new applications on commercial investment cases, with pricing now starting from 5.88%. Commercial owner-occupied cases will start from 5.68%, based on borrowing at 45% loan to value (LTV) or lower.
A further rate cut of 0.25% has been made on all cases between £1m and £4m.
Atom Bank said the cuts were made in response to broker feedback and would ensure “great-value funding” for its borrowers.
The lender has refreshed its commercial mortgage offering a number of times this year, with rate cuts and an improvement to the stress rate.
Atom Bank said it also enhanced its processes, and so far this year, agreements in principle have been issued within one working day on average, following the receipt of a fully packaged application. Once accepted, offers have been delivered within an average of six working days.
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Tom Renwick, head of business lending at Atom Bank, said: “Atom Bank will always act wherever possible to provide brokers and their clients with better value. This rate reduction applies to our property investment and trading commercial mortgage fixed rates, and means businesses can benefit from the security of a fixed rate, and at a lower cost.
“We know that supporting businesses is about more than just rate, however, which is why we have spent so much time and effort streamlining our processes. It means borrowers enjoy a faster, easier and smoother experience. That journey, coupled with the great value provided by our products, is helping Atom become a go-to lender in the commercial space.”
