Solent Commercial, an arm of packager Solent Mortgage Services, has signed up lenders Commercial First and Hampshire Trust, offering commercial borrowers something between prime and non conform- ing products.
Simon Ryder, general manager at Solent Commercial, said: ‘These two new products from Commercial First and Hampshire Trust recognise that many commercial borrowers, through the natural course of business may find themselves with CCJs or arrears. These two products recognise the level of risk with rates reflecting the fact that borrowers fall somewhere in between prime and non conforming.’
The product from Hampshire is a self-cert mortgage with a rate of 9.5% on loans over £200,000 and 10.5% for loans under that amount. The maximum loan is £500,000 and minor defaults are considered. The Commercial First product is a Bank Base Rate tracker, offering BBR + 3.75% to a maximum of 6.5% for loans up to £1.5m.