The Nottingham launches interest-only commercial mortgage

The Nottingham has expanded its portfolio of commercial mortgages – and is now offering a new, interest-only product to small and medium-sized businesses throughout the UK.

Sold through the Society’s panel of specialist mortgage intermediaries, the new mortgage offers funding of up to 75% Loan to Value (LTV) for owner-occupiers and up to 60% LTV for borrowers seeking to purchase investment properties.

Clients seeking to purchase all types of properties like offices and light industrial buildings will be particularly interested in the product.

“We are focused on delivering a quality-based, customer-focused service,” commented Gary Burrows, the Nottingham’s commercial lending manager.

“A key priority for us is creating mortgage products that add more choice to our intermediary partners – and their clients. The interest-only product emphasises this ongoing commitment.”

The Society’s commercial mortgage offering – which has been growing in popularity since its July 2006 launch – typically caters for businesses seeking to borrow between £50,000 and £1 million. It has attracted strong interest among the small business community, particularly The Nottingham’s heartland of Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire.

Complimenting the quality of the product is the Society’s ability to approve – and then process – a commercial mortgage application within 21 working days.

“In my experience, offering a good product is only half of the battle,” added Gary Burrows. “Just as important in the scheme of things is our ability to be able to move quickly once an intermediary partner, and their client, registers an interest with us.
“When this happens, we are able to respond very quickly, with 21 working days being a typical turnaround time for a commercial deal.

“We achieve this because we have an infrastructure that enables brokers to speak directly to an Underwriter who is able to approve their clients’ application in 24 hours subject to valuation.”

Chris Arnold, Managing Director at Arnold Commercial Finance Ltd., said: “I like doing business with The Nottingham because the service levels are great and the products meet a real need.

”The new commercial mortgage represents a great deal for small businesses and we can see many opportunities to market this product to companies and sole traders.”

For further information, visit thenottingham.com.