Birmingham Midshires Commercial is set to catapult the commercial mortgage market into the future with the launch of the first online facility enabling businesses to apply for commercial mortgages via the internet.
The specialist commercial lender will offer mortgages of up to £10m through the application facility which is due to launch by the end of January.
The service, which will be targeting owner occupiers, residential investors and commercial investors, is to be fully supported by a team of 100 commercial lending specialists via a phone helpline. As the volume of calls increases, the company plans to utilise an additional phone line, Birmingham Midshires Direct, which is already in place.
According to the company, which is a specialist commercial lender for the Halifax Group, the development will help release customer’s time so that they can concentrate on running their business. The mortgage provider expects other players in the commercial market to follow suit.
Steve Elwis, head of business acquisition at Birmingham Midshires Commercial, said the company had recognised a clear need in the industry for an online application facility and that this move has put them in a unique position to bring innovation to the commercial market.
He said: “Sourcing finance can consume a great deal of time, a commodity many people who are running businesses do not have in abundance. This exciting new development is quick and easy to use at the customer’s convenience. And for those who need further advice or information, an experienced team is on hand to answer any questions and guide them through the application process.”
The application facility is at www.bmcommercial.co.uk.