YBS Commercial Mortgages has added a new product to its range in a bid to support owners of small and medium-sized businesses (SMEs).
The product was developed for those who occupy their property for business purposes, and who will repay the mortgage from the income provided by the business; it offers rates starting from 6.69% for loans over £1m for a 5-year fix up to 75% loan-to-value (LTV) with a 2% fee.
YBS Commercial will also be offering a number of variable-rate options.
Borrowers can opt for interest-only terms for the first year of their loan, allowing them the flexibility to keep their payments down.
To qualify, businesses should have a turnover of between £0.5m and £25m, and must be able to demonstrate a 2-year trading history.
Tom Simpson (pictured), 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.”
