West One has launched its commercial mortgage offering on the wider market in England and Wales.
The commercial mortgage product range offers rates of 6.69% on semi-commercial properties and 7.44% on commercial properties.
Loan-to-values (LTVs) are offered up to 75% of the market value of the vacant property with loan sizes of up to £ 3 million as standard.
The pilot program created an opportunity for West One to evaluate their initial market offerings and the extent to which it met the needs of commercial borrowers.
The lender reveals that the pilot produced ‘a healthy conversion rate’ of the questions it received and responded to all communication within 24 to 48 hours that it would enforce it.
The lending is based on market value of vacant possession and not on the standard 180-day figure that is common with commercial mortgage loans.
In addition, borrowers are not scored and every case is assessed on its own merits.
Flexible credit criteria are used and first-country Lords, borrowers with small credit sheets, foreigners, expats and people with complex income will be considered.
West -a regional director Duncan Abraham says: “The results of the pilot clearly show the hunger for flexible and practical commercial mortgage solutions.”
“We have listened to brokers and investors and designed our product to meet their needs with speed and clarity. The complete launch marks an important milestone and I am looking forward to supporting our brokers in offering new opportunities within the commercial real estate sector.”
Enra Specialist Finance, West One’s parent company, Chief Executive Danny Waters adds: “With the addition of commercial mortgages to our products, West One is going in a new phase of growth. Interest in our commercial pilot program has been huge, and it is clear that brokers are looking for better alternatives for those who are available on the market.”