Crystal Mortgages has become the only UK firm to offer a near prime commercial mortgage lending product to applicants who may not meet banks' lending criteria.
Launched this week, the new product is aimed at targeting the financial needs of the small business, considering mortgages from £30,000 to £600,000 with a maximum loan-to-value of 70%.
Repayment can be taken as interest only or capital and interest, with the product open to direct applicants or through brokers and intermediaries. It covers commercial and semi-commercial applications from England, Wales and mainland Scotland.
"There is every hope now that this new product will help the many businesses caught between maybe not wishing to move their business account from their clearing bank but at the same time not quite able to match up to the bank's lending requirements," says Roger Dewsbery, senior underwriter at Crystal.
"We are in a unique position as not only are we the sole company providing funding to this area of the market, we are offering a rate that is still highly favourable to the near prime applicant and the product has enough flexibility to meet the best repayment options for the borrower."
Dewsbery adds: "When we take into account our commercial mortgage brokering division and in house bridging finance products, we have a full spectrum of financial options for any client and can source the most suitable product. This ensures consumers can be confident they are dealing with a firm where the fair treatment of customers is key."IFAonline
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