Recognise Bank has added a five-year fixed rate option to its commercial mortgage range for investment and owner-occupied properties.
The product is available on loans from £250,000 to £3 million at up to 70% loan-to-value, and is intended to give borrowers greater certainty over longer-term costs.
It joins the lender’s existing two-year fixed rate option within its Commercial Term range.
Caroline Luxmore, chief commercial officer at Recognise Bank, says: “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 cashflow management and create certainty.
“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.”
The lender says July produced its highest monthly value of completed lending since it was founded.
Early repayment charges on the five-year fixed rate are 5% in years one and two, 3% in years three and four, and 1% in year five.
