Recognise launches five-year fixed option to commercial range
Recognise Bank has expanded its commercial term range with the launch of a five-year fixed rate option.
The five-year product has been introduced is available alongside Recognise Bank’s existing two-year fixed rate option.
Available on commercial investment and owner-occupied properties, the five-year fixed option offers loans from £250,000 to £3m up to 70% LTV.
Early repayment charges for the new five-year fixed rate are 5% in years one and two, 3% in years three and four, and 1% in year five.
Caroline Luxmore, chief commercial officer at Recognise Bank, said: “Having returned to the commercial mortgage market only three months ago, we’ve listened to brokers and their SME clients and by introducing a five-year fixed rate option we are offering a range of products that can support cashflow management and create certainty.
“The launch follows a record July for Recognise Bank, which has been our biggest completions month since the Bank was founded. Term and bridging commercial lending is important for our continued growth and we will work closely with brokers to deliver practical solutions for their clients.”
Recognise recently reported a 51% annual rise in gross lending, although commercial lending fell from £58.8m to £49.5m.
