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An award-winning specialist business bank has re-assessed its commercial lending proposition to boost the affordability of its commercial mortgages for experienced professional landlords and SMEs (owner occupiers). These changes have been made following consultations with leading brokers and reflect the continued higher interest rate environment that has placed pressure on the leverage some firms can access in order to invest in their premises, especially in the South.
In addition to boosting affordability, Redwood is also bringing more choice to its commercial mortgage range launching a new five-year fixed rate interest-only product, which reverts to capital and interest for the remainder of the mortgage term.
It is also introducing its Alternate Fee option to its two-year and three-year fixed rate products for commercial mortgages. This provides the option to pay a higher arrangement fee in return for a lower interest rate to boost their leverage.
Redwood Senior Lending Product Manager, Tom Worbey, said: “At Redwood we specialise in helping SMEs and experienced professional landlords to access the finance they need to invest in, and grow, their property business.
“We offer individually assessed commercial mortgages that allow us to consider each case on its own merits, and our team is experienced in handling complex and specialised lending for SMEs and property landlords.
“We are giving SMEs choice and simplicity with our latest changes. For example, we have simplified our interest-only options by removing LTV bands, meaning SMEs can now access an initial interest-only period between one and five years as part of their mortgage term.
“In addition, landlords can benefit from our award-winning Green Cashback Reward, which is available on our commercial mortgages for properties with Energy Performance Certificate ratings of A to C. It is our way of providing landlords with a cash injection while contributing to a greener future.”
Further details of the changes to improve affordability and simplify the Redwood offering are shown on their website at www.redwoodbank.co.uk/intermediaries
Mortgages are secured on a borrower’s property. Borrowers could lose their property if they do not keep up payments on their mortgage.
For further information, visit www.redwoodbank.co.uk.