Recognise Bank has expanded its Commercial Term range with a five-year fixed rate commercial mortgage, available alongside its existing two-year fixed rate option.
The product is open to commercial investment and owner-occupied properties, with loans from £250,000 to £3m at up to 70% LTV. Early repayment charges are 5% in years one and two, 3% in years three and four, and 1% in year five.
The launch follows a record July for the bank, which completed its highest monthly value of lending since it was founded.
"Having returned to the commercial mortgage market only three months ago, we've listened to brokers and their SME clients, and by introducing a five-year fixed rate option we are offering a range of products that can support cash flow management and create certainty," said Caroline Luxmore, chief commercial officer at Recognise Bank (pictured).
"The launch follows a record July for Recognise Bank, which has been our biggest completions month since the Bank was founded. Term and bridging commercial lending is important for our continued growth and we will work closely with brokers to deliver practical solutions for their clients."
