YBS Commercial Mortgages launches new product to support small and medium sized businesses

By Bridging Loan Directory 29th May 2024

YBS Commercial Mortgages adds a new product to its range this week, in a bid to support owners of small and medium-sized businesses (SMEs).

The new product – which has been specifically tailor made for this sector – is aimed at those who occupy their property for business purposes, and who will repay the mortgage from the income provided by the business; and offers rates starting from a competitive 6.69% for loans over £1 million for a five-year fix up to 75% LTV with a 2% fee. YBS Commercial will also be offering a number of variable-rate options.

Borrowers can even opt for interest-only terms for the first year of their loan, allowing them the flexibility to keep their payments down.

Examples of businesses likely to benefit from the new offering include professional services firms like solicitors or accountants, as well as high-street retailers and manufacturers.

To qualify, businesses should have a turnover of between £0.5 and £25 million, and must be able to demonstrate a two-year trading history.

Recognising that it can be difficult for SMEs to source finance, and they can need additional support during the application process, the commercial lender is also putting in place a small, dedicated team of relationship directors, who are experts in the SME market and can support them through the process, getting to know their business and understanding their ambitions and goals.

Business owners can also tap into ongoing support from a dedicated team of portfolio managers after completion.

Tom Simpson, managing director for YBS Commercial Mortgages, said:

“I’m so excited to offer this new product to help the smaller businesses – which make such a vital contribution to local economic vitality – to thrive and grow, backed by our specialist team to help them through the application process as smoothly as possible.

As with so many of our changes, this product comes as a direct result of broker feedback.

It demonstrates our commitment – as part of Yorkshire Building Society, which, as a mutual, is committed to supporting the vitality of its communities – to offering purposeful lending solutions which really make a difference to brokers and their clients.

We hope this product, supported by a highly personalised service, will represent a really exciting alternative funding option, allowing smaller businesses to diversify their funding sources, as well as separating their properties from their working capital.”