Atom bank commercial fixed rates now start from 5.75%

By Bridging Loan Directory 25th January 2024

Atom bank, the UK’s first app-based bank, is offering its range of commercial mortgages with fixed rates from as low as 5.75%.

The range includes Business Banking Secured Loans (BBLS) and Recovery Loan Scheme (RLS) products. BBLS fixed rates are available with commitment terms from 2 to 7 years, with rates starting from 5.75% up to 45% LTV.

Up to 60% LTV, fixed rates are available from 6.15% and up to 75% LTV, fixed rates start at 6.56%.

A range of RLS products are also available for fixed rates of between 2 and 6 years.

Atom bank is offering commercial mortgages up to 75% LTV for loan sizes up to £1m, and up to 70% LTV for loans larger than £1m.

The bank provides secured business loans supported by bespoke pricing, the ability to create an indicative quote online, with timely, transparent decision making.

Transformative improvements

The digital lender has continued to improve its commercial broker portal, with a number of enhancements made to the business lending journey in 2023 based upon feedback from brokers.

A focus on ease, speed and automation has seen the application-to-AIP time reduce significantly, currently averaging just one working day.

The bank has also made transformative changes to its commercial underwriting process, including changes to lending policy, internal and external systems and ways of working to increase origination capacity and has reduced application-to-offer time by, on average, 42%.

This means Atom is currently able to get an offer out in 14 working days on average.

Tom Renwick, Head of Business Lending at Atom bank commented:

“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.

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.”