West One Launches Commercial Mortgages to Wider Market
Following a pilot with a select group of brokers, specialist lender West One has opened its commercial mortgage range to the wider market across England and Wales.
Rates start at 6.69% for semi-commercial property and 7.44% for fully commercial property. Loans of up to £3 million are available as standard, at up to 75% of vacant possession market value. West One highlights that lending against vacant possession value, rather than the 180-day valuation commonly used in commercial lending, is a distinguishing feature of the product.
The lender says the pilot generated hundreds of enquiries and a healthy conversion rate, suggesting the proposition suits commercial property investors. Throughout the pilot it kept to its pledge of responding to all communications within 24 to 48 hours, which it credits with improving the broker experience and shortening average completion times.
Applicants are not credit scored; instead each case is judged on its own merits under flexible criteria. First-time landlords, borrowers with minor credit issues, foreign nationals, expats and people with complex incomes can all be considered.
Regional director Duncan Abraham said the pilot showed clear demand for flexible, practical commercial lending and that the product had been shaped around broker and investor feedback. Danny Waters, chief executive of parent company Enra Specialist Finance, described the move as the start of a new growth phase for West One, adding that brokers are looking for better alternatives to what has previously been available.
