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A unique
near-prime commercial mortgage product, which is designed for applicants
who may not meet banks' current strict lending criteria, has been launched
into the catering sector.
Through it's
new division, Crystal Commercial Funding, Crystal Mortgages offers a
range of exclusive products that considers commercial mortgage
applications based on payment ability over the more traditional
serviceability checks which may cause applications to be declined.
The
development has come about as a result of current market pressures
leaving a sector of the small business community, especially
caterers, with little scope to pursue or develop a wide range of
business activities without resorting to higher rate sub-prime
borrowing.
The new
product, looks to understand fully why a client needs the funding,
the security available and the payment ability. It specifically
targets the financial needs of the catering sector, considering
mortgages from £30,000 to £600,000 with a maximum
loan-to-value of 70%.
Repayment can
be taken as interest only or capital and interest, with the product
open to direct applicants or through brokers and intermediaries. It
covers commercial and semi-commercial applications from England,
Wales and mainland Scotland.
Roger
Dewsbery*, senior underwriter at Crystal Commercial Funding, said: "There
is every hope now that this new product will help catering
businesses who might not quite able to match up to the banks' current
lending requirements.
"We
are in a unique position as not only are we the sole company
providing funding to this area of the market, we are offering a rate
that is still highly favourable to the near prime applicant and the
product has enough flexibility to meet the best repayment options for
the borrower.
"When
we take into account our commercial mortgage brokering division and
in- house bridging finance products, we have a full spectrum of
financial options for any client and can source the most suitable product."
The company
will also be targeting retail, nursing homes, building and
construction and manufacturing sectors. Further information can be
found at www.crystalcommercialfunding.com
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