Atom bank has reduced its minimum loan size to £100,000 on its commercial mortgage range to meet growing demand for brokers and support small businesses in the UK. The reduction follows February’s minimum loan reduction to £200,000 and is a direct reaction to the appetite shown from brokers in this area of the market. The bank has also made changes to its pricing structure to enhance the competitiveness of lending between 50% and 65% LTV. Across the range, rates have been reduced for new applications by 0.25% for trading businesses and 0.34% for commercial investment cases on average.

Landbay has launched new small HMO remortgage products within its premier range. Small HMO products, which cover properties with up to six bedrooms, were introduced into the premier range last month, and the new products cover five-year fixed remortgage options at 70% LTV with a choice of fee structures designed to suit a range of landlord strategies and portfolio needs. The pricing on the three products is 4.84% with a 5% fee, 5,24% with a 3% fee and 5.64% with a 1% fee. The buy-to-let (BTL) lender has also introduced known valuation fees for all small HMO products, moving from £750 (plus a £199 administration fee) for properties up to £400,000, to £2,150 (plus the £199 fee) for properties between £1,800,001 to £2m.

Aspen has completed a £4.1m bridge-to-let facility on a luxury new-build mansion in Surrey, collaborating with the experienced borrower to ensure a “robust” contractor agreement was finalised as a condition of funding. Located on the Crown Estate in Leatherhead, the applicant had acquired the plot and self-funded the first phase of the project, delivering the main structure to a near wind condition. An initial day-one loan of £1.2m will be used to repay the client’s current £900,000 outlay with the additional funds being used to progress works. The property’s final GDV is expected to be in excess of £10m, and the bridge was finalised at 0.83% per month over 18 months, followed by the serviced BTL period at 7.49% per annum over two years. LTV starts at an initial 55%.

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