The commercial mortgage market offering will be priced from 6.69% on semi-commercial properties and 7.44% for commercial properties.
The loan to value (LTV) goes up to 75% of the vacant possession market value figure, with loan sizes going up to £3m.
West One Loans said borrowers would not be credit scored and each case would be “assessed on its own merits”.
It added that it has flexible lending criteria and would allow first-time landlords, borrowers with minor credit blips, foreign nationals, expats, and those with complex income.
West One Loans said its commercial mortgage pilot launch earlier this year had “garnered strong interest”, and it had received hundreds of enquiries.
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The lender noted that the pilot had a “healthy conversion rate” for these enquiries, which it said showed a “strong alignment of its proposition with the needs of commercial property investors”.
West One Loans added that its speed and service created a “positive broker experience but has also led to quicker average completion times”, as it kept to its target of responding to all communication within 24-48 hours.
Duncan Abraham, West One Loans’ regional director, said: “The results of the pilot clearly demonstrate the appetite for flexible and practical commercial mortgage solutions.
“We’ve listened to brokers and investors and designed our product to meet their needs with speed and clarity. The full launch marks a significant milestone, and I look forward to supporting our broker clients as we provide new opportunities within the commercial property sector.”
Danny Waters (pictured), CEO of Enra Specialist Finance – West One Loans’ parent company – added: “With the addition of commercial mortgages to our range of products, West One is entering a new phase of growth. Interest in our commercial pilot programme has been immense, and it is clear that brokers are looking for better alternatives to those that have been available on the market. West One is looking to fill that gap with a unique proposition that will set us apart in the industry while contributing to strong revenue generation through the loans we originate.”
West One recently created a mortgage division, bringing together residential, buy to let (BTL) and second charge in one unit.
