Atom cuts commercial pricing; Brickflow secures exclusive rate – round-up

Pricing for commercial mortgages from Atom Bank now starts at 2.12 per cent above the base rate for deals at 45 per cent loan to value (LTV). 

This rises to 2.58 per cent for property investment or 2.62 per cent for trading businesses at 50 per cent LTV, then up to 2.89 per cent and 2.93 per cent at 60 per cent LTV respectively. 

Tom Renwick (pictured), head of business lending at Atom Bank, said: “Price is a huge factor for brokers when looking to secure a commercial mortgage for their business clients, so in addition to our incredibly competitive fixed rate products, we are delighted to be able to offer a more competitive range of variable options for this market.

“With the market expecting a reduction in base rate in the months ahead, the appeal of variable rate mortgage deals has increased for many business borrowers.”

Renwick added: “Price is not the only factor for brokers and their clients, however, which is why Atom Bank continues to focus on driving forward technology improvements aimed at providing a more efficient process.

“We have made more than 170 upgrades to our commercial lending broker portal in the last year alone, helping us reduce our application to agreement in principle (AIP) and offer timescales to industry-leading levels, while our Quick Quote tool makes it easier and faster for brokers to provide their clients with an immediate indication of what their funding is likely to cost.” 

Brickflow secures first exclusive rate 

Specialist property finance marketplace Brickflow has secured its first exclusive rate from a lender. 

This comes as the platform reached over 100 lenders on its panel, spanning bridging, commercial and development finance providers in the market. 

The exclusive rate is available to the 180 broker firms using the platform. The bridging loan has been offered by specialist lender Hana Capital, with a rate of 0.99 per cent at 70 per cent LTV. 

This rate is usually offered by the lender at 65 per cent LTV. 

Ian Humphreys, CEO and founder of Brickflow, said: “We launched Brickflow with the aim of providing greater transparency for borrowers, brokers and lenders, in order to facilitate cheaper borrowing and more deals.

“This is a great example of how transparency can stimulate competition within a traditionally opaque market, and how lenders with easy access to live market data and the flexibility to offer exclusive rates, can ultimately prove more competitive.” 

Hersh Patel, director of Hana Capital, added: “To conduct a competitor analysis and establish where we sit within the market would normally take days, if not weeks. Having this data at our fingertips thanks to the Brickflow platform means we are able to offer more competitive rates for borrowers.

“Healthy competition within the market can only increase buoyancy, which benefits everyone involved, from borrower to broker to lender.”