State Securities is extending the maximum terms of its commercial mortgage range as part of it continued strategy for growth and development.
The extension means commercial mortgages will be available over a term of up to 25 years, giving borrowers the option to reduce their monthly repayments by spreading them over a longer loan term.
The companys revised commercial mortgage product mix now includes commercial mortgage term up to 25 years with up to two years available on an interest-only basis, and five years interest-only available with a maximum term of 15 years.
It also include balloon payments available on 15 year term, and self-cert available up to 60% LTV commercial mortgages.
Up to 50% LTV is available when lending against properties outside of State Securities normal range, and administration and legal fees added to mortgage.
Martin Thurlby, commercial mortgage manager at State Securities, says: “Providing a longer term commercial mortgage benefits both our customers and the company. Not only does it enable customers to reduce their monthly repayments, but crucially it provides customers with more choice over the period of their loan which can now be structured more closely in line with their specific needs.
“Ultimately, it allows us to enhance our customer offering and therefore be more effective when competing in the commercial mortgage market.”
“With the recent introduction of factoring, along with the small firms loan guarantee, State Securities can present a tailored one stop shop solution for SMEs, supporting their three essential funding needs property, assets and book debt finance.”