Atom bank has raised the maximum loan-to-value (LTV) on large commercial mortgages to 75% for loans up to £5m. This change follows feedback from brokers and recent rate reductions.
With this update, borrowers can now access up to £5m at 75% LTV against Market Valuation (MV1), significantly increasing potential borrowing from the previous limit of £1m. Atom bank already offers loans up to £10m for eligible borrowers, but this new threshold will benefit many more applicants.
For Recovery Loan Scheme (RLS) facilities, Atom bank now allows lending up to the scheme maximum of £2m at 75% LTV. The bank will close for new RLS applications from midnight on Tuesday, 28th May, with reduced rates available until then.
Tom Renwick, head of business lending at Atom bank, said: “Atom bank enjoys a strong relationship with intermediaries, and we use their feedback wherever possible to improve our proposition.
“It was clear from our discussions with brokers that there was a real gap in the market for higher LTV lending on these larger mortgages, so we’ve reacted to that.”
“These changes demonstrate how serious Atom bank is about supporting the UK’s SMEs with their borrowing needs, and mean we will be able to work with a much wider range of businesses, helping them meet their growth ambitions.
“Brokers have also been the driving force behind the range of transformative changes we have made to our commercial broker portal and underwriting process, to the point that Atom bank is now able to get an offer out within 14 working days on average.”
