Allica Bank Launches Bridge-to-Term Product to Offer Greater Certainty to Owner Occupiers and Commercial Property Investors
Allica Bank announced the launch of its brand-new bridge-to-term position, offering debtors a single seven-year loan productThe post Allica Bank Launches Bridge-to-Term Product to Deal Greater Certainty to Owner Occupiers and Commercial Home Investors appeared first on FF News|Fintech Finance.
Allica Bank– the challenger bank constructed specifically for established SMEs– has today revealed the launch of its brand-new bridge-to-term position, using debtors a single seven-year loan item with a preliminary bridging agreement that instantly shifts to a lower-cost term loan when concurred conditions are met.This marks the bank’s first major shake-up of the industrial bridging market considering that it entered the sector last year. The launch comes following the news that Allica published a record month for its bridging financing team in April, which saw its highest level of lending and brand-new introductions considering that Allica obtained Tuscan in August last year.The products– 2 customized solutionsAllica is releasing 2 bridge-to-term products– the ‘Stabiliser’ and the ‘Improver’– for both owner-occupiers and commercial residential or commercial property financiers. Loans vary from ₤ 500,000 to ₤ 5 million, with rates from BBR + 7.05% throughout the bridging phase.In both cases, borrowers transition to industrial mortgage rates from BBR + 2.90% for owner-occupiers and BBR + 4.45% for investors.
