back Back

Allica Bank launches fixed rates to support SMEs following base rate uncertainty

By Joy Dumasia

April 25, 2022

  • Allica Bank
  • Credit Loans
  • Digital Loans

Allica BankAllica Bank, the FinTech challenger bank dedicated to empowering Britain’s established small and medium-sized businesses, has announced the addition of fixed-rate commercial mortgages to its portfolio of SME lending products. The bank says it has received heightened demand from SMEs and its broker panel for mortgages with a fixed rate amid increasing uncertainty following the Bank of England’s decision to increase its Base Rate and rising business costs.

The launch comes after a number of enhancements to Allica’s commercial mortgage proposition in recent months as it responds to changing market needs and broker demand. As well as a pledge to make £1 billion in committed loan offers in 2022. This includes reducing interest rates on variable-rate mortgages, increasing its maximum Loan-To-Value (LTV) for many property types, and boosting its maximum customer exposure for care home commercial mortgages to £10 million. Earlier this year, it also increased procuration fees for its broker community. Initially launching with a five-year fixed rate, the bank has plans to explore other term lengths to meet market demand.

Conrad Ford, Chief Product & Strategy Officer at Allica Bank, commented: “With gas prices, interest rates, and other business costs all currently on the rise, these are uncertain times for business owners as they look to plan for their future. Our broker and introducer communities have been clear that their clients would benefit from the certainty of a fixed rate, and I’m pleased we’ve been able to deliver on this at such a critical time. Facing up to the unprecedented challenges of the past couple of years has emphasised how important Allica’s focus on relationships and human expertise really is. I encourage our broker community to continue to engage with us about how best we can serve their clients.”

IBS Intelligence recently reported that Allica Bank, the FinTech challenger bank empowering Britain’s established small and medium-sized businesses, is pledging to makeover £1 billion in committed loan offers in 2022.

Previous Article

April 25, 2022

Nexio partners with Chargebacks911 to protect and defend merchants against chargebacks

Read More
Next Article

April 25, 2022

MENA’s first FinTech app for school fees, zenda raises $9.4m

Read More

IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024

Allica Bank

Global wealth growth rebounds with major shifts expected by 2030, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Fair4All Finance and ClearScore partner on debt consolidation technology

Read More

July 10, 2024

Islamic FinTech Offa launches buy-to-let finance service

Read More

July 09, 2024

Uncia wins Best in Retail Lending & enters the IBSi’s Sales League Table 2024

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024