Redwood Bank cuts rates and increases max LTV

Interest rates for secured residential property lending now start at 3.49 per cent plus base, and for secured commercial property lending begins at 4.49 per cent plus base rate.

The lender has also increased its maximum LTV for commercial loans to 70 per cent and to 75 per cent for residential loans.

Redwood Bank said that the changes were part of its plans to offer more lending options to SMEs, and drive investment into these businesses.

Gary Wilkinson, chief executive and co-founder of Redwood Bank, said: “We are thrilled to announce our new lending criteria, as we are keen to offer our customers the best possible rates and products.

“We put our customers at the heart of what we do so it is vital that we continue building close and trusted relationships with them.”

He added: “As Redwood continues to grow, our appetite to see British SMEs succeed gets even stronger.”

Leon Marklew, Redwood’s director of business development, said: “Our loyal team of brokers have played a vital role in the continued success of the bank and our new lending criteria provides them and our customers with more flexible finance packages. We appreciate that our customers have very different needs, so we are tailoring our offers to reflect this.”