Wesleyan Bank enhances commercial mortgage solution
Wesleyan Bank has introduced new security options to enhance its commercial mortgage solution for businesses who wish to acquire or refinance commercial premises.
The specialist finance provider offers loans up to 85% LTV on commercial property, for owner-occupied trading premises and for those being purchased as an investment.
Under the terms of Wesleyan Bank’s new lending criteria, business owners can use alternative property they might own to make up to 95% of the minimum 5% cash deposit.
This feature is available on commercial property loans of between £100,000 and £5m, over a term of five to 25 years.
Simon Welling, director of sales and marketing at Wesleyan Bank, said: “For every business working from rented accommodation, there is a point where it may be advantageous to purchase their own premises.
“This decision may be driven by a requirement for more office or storage space, or influenced as a result of landlords raising rental agreements.”
“We have seen a significant uplift in the number of businesses seeking commercial mortgage loans.
“By introducing alternative security options, we aim to offer them more flexibility to fulfil their requirements, at a time when they may struggle to access more traditionally structured funding.”