Together launches new commercial second charge range

Together has launched a new suite of commercial and semi-commercial second charge products.

The lender’s expanded range includes new commercial term second charge, semi-commercial term second charge, and commercial bridge second charge products, designed to give brokers and their clients more flexibility when raising capital without disturbing an existing first charge.

The new products support customers looking to release equity from commercial or mixed-use properties, especially where their existing first charge rate is favourable or early repayment charges would otherwise apply.

Semi-commercial loans can be used for investment purchases and refinance for mixed-use properties which have 60% floorspace – or land - used for residential purposes, and are let separately from the business premises.

The commercial and semi-commercial term second charge products are available up to 65% LTV, with loan sizes up to £1m.

The commercial bridge second charge and semi-commercial bridge second charge provide a short term solution for those with an existing mortgage in place, offering 12 month terms and up to 65% LTV.

Tanya Elmaz, managing director of intermediary sales at Together, said: “We’re always looking at how we can improve our products to meet market demand, and these latest launches provide brokers and their clients with even more choice.

“Many commercial or semi-commercial property owners are seeking ways to raise capital without refinancing their primary loan, and second charge solutions are becoming increasingly valuable in achieving this.

“These updates strengthen our position in the commercial lending space, offering market leading rates and the speed and common sense approach that Together is known for.

“Whether customers are looking to invest, refurbish or support business growth, our new products can help them move quickly and confidently to achieve their property ambitions.”