"As the cost of funds have changed it is important to reflect that in our variable rate pricing."
- Tom Renwick, head of business lending at Atom Bank
Atom Bank has reduced rates across its commercial mortgage range.
As a result, variable rates now start at 2.08% above base rate for loans at 45% LTV.
For trading businesses, variable rates have reduced to 2.59% over base rate at 50% LTV and 2.89% at 60% LTV.
For property investment, 50% LTV rates now start at 2.54% over base rate and 60% LTV rates at 2.84%.
Atom also offers a range of fixed rate commercial mortgages, with rates starting at 6.20%. Commercial mortgages are available 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.
Atom offers bespoke pricing on its commercial mortgages, while brokers can generate an indicative quote for their clients via the Atom Bank broker portal.
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.”
