YBS Commercial Mortgages has added a new product for investors in commercial and industrial property.
The two product options have a 2% arrangement fee, of which 1% is paid to the broker as a procuration fee.
The five-year fixed rate deal is available for loans on retail, office, industrial, warehousing, quality leisure facilities and other commercial property types.
It can be accessed on a capital-and-interest, and interest-only basis.
The lender will consider loans of up to £3m at a rate of 6.99%, up to 75% loan-to-value (LTV) (capital and interest repayment), or 7.15% to 65% LTV (interest only).
YBS Commercial Mortgages managing director Tom Simpson says: “We’re doing our bit to fill the substantial gap in commercial funding available for small businesses,” he said. “Which is why we’re really pleased to add this product to our range.”
“This new offering comes as a direct result of broker feedback, with a recognition that, post-pandemic, there is a real opportunity to acquire commercial property at a good price.”
However, Simpson says that investors’ efforts “are being hampered by low funding availability and extra-stringent criteria for what is available, as well as long delays in finalising funding, which is leading to opportunities being lost”.
“This, in turn, is hampering economic growth which is much-needed by communities and the UK at large, at the moment.”