Allica Bank – the bank committed to empowering established small and medium-sized businesses – has announced it is increasing the maximum loan size for its commercial mortgages from £2 million to £3 million. It is hoped the move will help Allica Bank’s broker panel serve even more of their clients.
The increase comes in response to the bank’s quarterly broker survey in January this year, which polled 131 of the bank’s broker panel on their experiences of using the bank.
The SME bank, which won the 2020 NACFB Commercial Mortgage Lender of the Year Award, also announced a host of enhancements to its fee structure. The changes are designed to reduce the upfront cost to the customer and make things more straightforward. These include:
Nick Baker, Head of Intermediaries at Allica Bank, said “Our broker survey returned some fantastically positive results, which we’ll be sharing more widely soon. However, a recurring piece of feedback our brokers gave was that they’d like us to increase our maximum loan sizes and simplify our fee structure.
“I’m pleased that we were able to act quickly and introduce these adjustments to make doing business with Allica even easier for brokers and their clients. This is a great example of the power that broker feedback plays in how we grow and develop Allica Bank’s broker proposition to be as clear and consistent as possible.”
About Allica Bank
Allica Bank is dedicated to supporting small and medium businesses to empower them to succeed. We combine modern, powerful technology with local relationships in the community to deliver expert banking for business Britain.
We offer businesses market-leading lending products, including commercial mortgages and asset finance, as well as a range of business and retail savings products and services. We are working hard on developing a full suite of banking services to help Britain’s businesses flourish and grow.
Allica Bank received full banking authorisation in September 2019 and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority