MT Finance Group has entered the owner-occupier commercial mortgage market with a new product offering loans of up to £3 million for businesses purchasing or refinancing their trading premises.
The lender’s Owner Occupier Finance range offers five-year fixed rates, with borrowing available at up to 75% loan-to-value (LTV) for standard commercial properties and 70% LTV for specialist sectors.
Loans range from £100,000 to £3 million for standard commercial properties, while specialist sector lending is capped at £2.5 million.
The range is available to individuals, limited companies, limited liability partnerships (LLPs) and business partnerships with at least two years of trading history.
Mortgage terms run from five to 30 years, with borrowers able to choose between capital repayment and interest-only arrangements. Both property purchases and remortgages are eligible.
WIDE RANGE OF COMMERCIAL SECTORS
The standard lending criteria cover healthcare, office, retail, industrial, automotive, hospitality and childcare premises.
Holiday-let businesses are also eligible, with affordability assessed using holiday-let income.
The specialist range extends the lender’s offering to education and leisure properties, pubs and gyms, with C3B properties considered by referral.
Gareth Lewis, deputy chief executive at MT Finance, says: “The market is evolving and the demand for Owner Occupier Finance has continued to grow as more business owners look to secure or refinance the premises they operate from.
“This launch allows brokers to support these ambitions with a straightforward funding solution that can accommodate a wide range of sectors while providing certainty through a five-year fixed rate.”
Marylen Edwards (pictured), director of mortgages at MT Finance, adds: “Our broker partners know their clients best and they have consistently highlighted demand for a product that supports business owners looking to purchase or refinance their trading premises.
“Owner Occupier Finance gives them access to a flexible solution. We are excited about this launch and looking forward to supporting the intermediary community in this way.”
