Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
Atom Bank Launches Limited-Time Procuration Fee Boost for Commercial Lending
Atom Bank has announced a limited-offer increase to procuration fees for new-to-bank commercial lending applications. Applications submitted before 30 September will qualify for a 1.75% procuration fee.
The bank confirmed that its 2% arrangement fee will remain in place, with Atom Bank reducing its retained portion instead. In addition, Atom Bank has improved its interest rate discounts for large commercial loans. Loans between £1 million and £3 million will now receive a 0.4% interest rate reduction, while loans between £3 million and £10 million will benefit from a 0.25% reduction.
Earlier in June, Atom Bank implemented its Flowable process automation engine. These changes are part of the bank’s ongoing updates to its commercial lending proposition.
Letting agents and inventory clerks may wish to note these developments, as they could impact commercial landlords and property investors seeking new finance options.
Source: Mortgage Solutions