Atom, the app-based bank, has launched fixed rate secured loans for businesses.
The products complement Atom’s existing variable rate secured business loans and its partnership with Funding Circle to support unsecured lending to SMEs.
Initially offered through the government-backed Recovery Loan Scheme, fixed rate secured loans will be available from £250,000 to £5 million, with terms fixed between two to six years and with interest-only and capital and interest repayment options available.
Edward Twiddy, chief customer officer at Atom, said: “We believe that customers need as much choice as possible when they’re looking for financial support in a post-Covid economy. That’s why we’ve launched our fixed rate secured business loans."
He added: "With talk of an increase in the Bank of England base rate, now is absolutely the right time for us to introduce this product."
The loans are available to limited companies, limited liability partnerships, partnerships or sole traders, with a maximum LTV of 75 per cent.
Assets considered for Atom’s secured loans include a range of commercial property types, including commercial investment, commercial owner-occupied, semi-commercial, and residential investment property.
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