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YBS Commercial launches products to support SMEs

YBS Commercial launches products to support SMEs

YBS Commercial Mortgages has added a product range to support owners of small and medium-sized businesses (SME).

The product from YBS Commercial is aimed at those who occupy their property for business purposes and who will repay the mortgage from the income from the SME business.

Rates start from 6.69% for loans over £1m for a five-year fixed rate up to 75% loan to value (LTV) with a 2% fee.

The lender is also offering a number of variable rate options for this SME product, along with interest-only terms for the first year of their loan.

Businesses that could benefit from the offering include professional services firms like solicitors or accountants, as well as high street retailers and manufacturers.

SME businesses need to have a turnover of between £500,000 and £25m and must show a two-year trading history.

YBS Commercial is also putting in place a small, dedicated team of relationship directors who are experts in the SME market and can help clients through the process, get to know their business and understand their ambitions and goals.

SME business owners can also access ongoing support from a dedicated team of portfolio managers after completion.

Tom Simpson (pictured), managing director for YBS Commercial Mortgages, said: “I’m so excited to offer this new product to help the smaller businesses – which make such a vital contribution to local economic vitality – to thrive and grow, backed by our specialist team to help them through the application process as smoothly as possible.

“As with so many of our changes, this product comes as a direct result of broker feedback. It demonstrates our commitment – as part of Yorkshire Building Society, which, as a mutual, is committed to supporting the vitality of its communities – to offering purposeful lending solutions [that] really make a difference to brokers and their clients.

“We hope this product, supported by a highly personalised service, will represent a really exciting alternative funding option, allowing smaller businesses to diversify their funding sources, as well as separating their properties from their working capital.”

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