Atom Bank cuts commercial rates down to 5.75 per cent

Atom Bank’s range includes Business Banking Secured Loans (BBLS) and Recovery Loan Scheme (RLS) products with the former available between two to seven-year terms, and the headline rate available up to 45 per cent loan to value (LTV). At 60 per cent LTV, rates begin at 6.15 per cent and up to 75 per cent LTV, pricing starts from 6.56 per cent. 

Its RLS products are available on fixed rate terms of between two and six years. 

The maximum loan size is £1m up to 75 per cent LTV or 70 per cent LTV for larger amounts. 

The lender has also worked to improve its commercial broker portal to improve the ease of use, speed and automation. It claims that loans are approved in principle in an average of one working day. 

Atom Bank has also updated its underwriting process to cut the application to offer time by 42 per cent on average. The lender now aims to issue an offer within 14 working days on average. 

Atom Bank: ‘Most competitive prices on the market’

Tom Renwick (pictured), head of business lending at Atom Bank, said: “We know that price is often the most important factor for brokers and their clients when seeking a commercial mortgage. Thanks to our efficient, digital model and bespoke pricing, we can offer some of the most competitive rates on the market as part of our ongoing support for UK business owners.  

“A broker recently came to us with an existing offer and saved their client nearly £400,000 over five years, with the loan being drawn down in less than three weeks, so there is certainly value in seeing what we can do for you.” 

He added: “Our service is improving all the time too as we partner cutting-edge technology with genuine industry experts. Important changes over the course of the last year mean that our current application to agreement in principle time is just one working day, so business owners and their brokers can benefit from certainty of decision as well as these great prices.” 

Earlier this week, Mortgage Solutions spoke to Liam Brodie, regional business development manager at Atom Bank.