West One has launched its commercial mortgages within the wider market in England and Wales after a successful pilot with selected brokers.
The new commercial mortgage products start at 6.69% for semi-commercial properties and 7.44% for commercial properties.
Loans are available up to £3m, with loan-to-values (LTVs) up to 75% of the vacant possession market value.
A main feature of the product is that lending is based on vacant possession market value, not the usual 180-day figure used in most commercial loans.
There is no credit scoring, and each case is looked at individually.
West One will consider first-time landlords, those with minor credit issues, foreign nationals, expats, and people with complex income.
Danny Waters (pictured), CEO at Enra Specialist Finance, said: “With the addition of commercial mortgages to our range of products, West One is entering a new phase of growth.
“Interest in our commercial pilot programme has been immense, and it is clear that brokers are looking for better alternatives to those that have been available on the market.
“West One is looking to fill that gap with a unique proposition that will set us apart in the industry while contributing to strong revenue generation through the loans we originate.”
Duncan Abraham, regional director at West One, said: “The results of the pilot clearly demonstrate the appetite for flexible and practical commercial mortgage solutions.
“We’ve listened to brokers and investors and designed our product to meet their needs with speed and clarity.
“The full launch marks a significant milestone, and I look forward to supporting our broker clients as we provide new opportunities within the commercial property sector.”
