Nottingham launches new interest-only commercial mortgage

29 January 2008 / by Verity G
Small businesses looking for a commercial mortgage deal are being offered a new interest-only, mortgage product from Nottingham Building Society.

The interest only commercial mortgage is being sold through the Society’s panel of specialist mortgage intermediaries and offers funding of up to 75 per cent Loan to Value (LTV) for owner-occupiers and up to 60 per cent LTV for borrowers looking to purchase investment properties.

Gary Burrows, the Nottingham’s Commercial Lending Manager comments: "We are focused on delivering a quality-based, customer-focused service. 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 commercial mortgage, which can be approved within 21 working days, typically caters for businesses seeking to borrow amounts between £50,000 and £1 million and so far has been attracting interest from the small business community.

"In my experience, offering a good product is only half of the battle," adds Mr. 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."

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