Allica Bank today announces rate reductions across three key commercial finance products. Rates for its commercial mortgages, healthcare and asset finance products are all being cut, following earlier reductions in 2024. Allica introducers will see these reductions reflected in owner-occupied mortgages with rates lowered by 0.20% on loans under 60% LTV, while semi-commercial investment and owner-occupied mortgages have rates cut by 0.15% on loans under 70% LTV. Experienced care home operators will also see rate reductions of 0.20%. The bank continues to offer an additional 0.25% discount for loans exceeding £750,000 or properties with an EPC rating of A-C. It comes following a period of substantial growth for Allica, which in December announced it had lent £3 billion to established businesses since launch. This was quickly followed at the time by a series of other rate reductions, while it also updated its limited-time promotional 1.5% arrangement fee to be a permanent feature for all owner-occupied commercial mortgage applications.In addition, Allica Bank has also reduced asset finance rates by 0.25% on loans between £150,000 and £2.5 million with terms of between 24 and 84 months. The new rates reflect Allica’s ongoing commitment to support established businesses across the UK and the brokers that serve them. Notably, it has been investing heavily in its Introducer Portal, giving brokers even greater control and oversight of applications. Commenting on today’s rate reductions, Nick Baker Chief Commercial Officer at Allica Bank said, “There’s a huge amount of untapped potential in the established SME economy, and brokers are well positioned to help their clients realise it. It’s vital that banks play their part in helping them do so and Allica’s latest batch of rate reductions are designed to unlock that potential.” “It’s not just on price that Allica looks to do this, though. We continue to focus on our proactive and human-led approach, meaning we can look at every application individually on its own merits. While our ongoing investment in our technology is really bearing fruits, freeing up our team to find ways to add value, and giving our brokers greater control over their cases than ever before.”Companies In This Post
