Allica Bank cuts commercial mortgage and asset finance rates

Allica Bank has announced rate reductions across three key commercial finance products - commercial mortgages, healthcare and asset finance products. 

Owner-occupied mortgages will see rates lowered by 0.20% on loans under 60% LTV, while semi-commercial investment and owner-occupied mortgages have reduced 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. 

In addition, Allica Bank has reduced asset finance rates by 0.25% on loans between £150,000 and £2.5 million with terms of between 24 and 84 months. 

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.”