New Commercial Lender: Allica Bank

Good news commercial property investors! Mortgages for Business have semi-exclusive access to a brand new lender...

We are thrilled to introduce a new lender, Allica Bank, to the commercial finance world.

Having received their banking licence last month, they have launched their proposition starting with Commercial Owner-Occupied Mortgages and Commercial Investment Mortgages. We are proud to be among the first mortgage brokers to add them to our panel of lenders. 

Chris Weller, Chief Commercial Officer, Allica Bank, said:

“Allica has been built specifically for SMEs and their advisors. All businesses are unique, few are ‘vanilla’, and there are often specific characteristics which require time and an open mind. We offer both. We operate on the simple principles of Clarity, Consistency and Communication; clear feedback when discussing potential cases, a consistent credit appetite, and communication every step of the way.

Allica’s proposition is focused on Owner-Occupied Commercial Mortgages (with the offering also covering Commercial Investment Mortgages) available to Limited Companies in England and Wales for loans between £100,000 and £2,000,000 and terms between 5-20 years. Maximum loan to value varies by property type, with guidelines as below:

 

Property type.  For commercial owner-occupied or investment mortgages

Maximum loan to value

Professional practices. Student accommodation, holiday lets.

75%

Warehouses, industrial units, factories, offices. Mixed use/multi-let (excluding residential and retail).

70%

Retail units with commercial or residential uppers. Garages/vehicle showrooms, food outlets, restaurants.

65%

Retail units (lock up).

60%

Business type. For commercial owner-occupied mortgages only

Maximum loan to value

Hotels, public houses, guest houses/B&Bs, childrens day nurseries.

Lower of 65% of market value, or 80% of vacant possession value


We’re sure you’ll agree that this is great news for SME borrowers and less conventional commercial property investors, as they often require more tailored financing that isn’t always available from High Street lenders. If you think that Allica Bank could help you with your next investment, do not hesitate to get in contact with us enquiry@mortgageforbusiness.co.uk or call 0345 345 6788

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NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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