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Atom Bank Launches Fixed Rate Secured Loans for Businesses
Atom, the UK’s first app-based bank, which has provided funding for over £1bn in lending to UK SMEs, has now launched fixed rate secured loans for businesses.
Available from 27 October, the products complement Atom’s existing variable rate secured business loans and its partnership with Funding Circle to support unsecured lending to SMEs.
Initially offered through the government-backed Recovery Loan Scheme, fixed rate secured loans will be available from £250k to £5m with terms fixed between two to six years and with interest-only and capital and interest repayment options available.
Edward Twiddy, Chief Customer Officer at Durham-based Atom, said: “We believe that customers need as much choice as possible when they’re looking for financial support in a post-Covid economy. That’s why we’ve launched our fixed rate secured business loans today.
“During these uncertain times a fixed rate loan gives customers greater certainty over their loan repayments. With talk of an increase in the Bank of England base rate, now is absolutely the right time for us to introduce this product. We are delighted to be offering these fixed rate loans within the Government’s Recovery Loan Scheme, adding to the funding choices available to UK businesses as they plan for the future.”
Atom’s secured loans are available to limited companies, limited liability partnerships, partnerships or sole traders, with a maximum LTV of 75%. Assets considered for Atom’s secured loans include a range of commercial property types, including commercial investment, commercial owner-occupied, semi-commercial and residential investment property.
An established business lender since 2016, Atom continues to be one of the highest ranked UK banks and provides fast, transparent and good value customer experiences, with a Trustpilot rating of 4.6 and a Net Promoter Score for business lending of +88.
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