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Allica Bank has extended its owner-occupier commercial mortgage offering to include interest-only terms of up to five years. It has been able to do so due to the British Business Bank’s Recovery Loan Scheme (RLS), which a business must be eligible for to access the product. Without the RLS, the lender was only able to offer a short interest-only period at the beginning of a longer-term amortising loan.
Nick Baker, chief commercial officer, said: “A lack of understanding of the Recovery Loan Scheme has meant many businesses are missing the opportunity to secure the finance to grow at a time when the British economy needs growth more than ever."
Businesses that can benefit must have a turnover of up to £45 million and can include those that took out previous government-backed loans. Businesses can access up to £2 million through Allica’s RLS-backed loans, subject to eligibility.
Call Trinity Specialist Finance to secure funding on 020 7016 6151 or book a consultation
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