Challenger Bank unveils new lending rates ahead of five-year anniversary
A Hertfordshire-based Challenger Bank has further demonstrated its commitment to helping British businesses to succeed by reducing its lending rates.
The Bank, which is this year celebrating its five-year anniversary, has unveiled improved interest rates starting from 3.49 per cent plus base rate for secured residential property lending and 4.49 per cent plus base rate for secured commercial property lending.
Redwood Bank has also increased its maximum LTVs up to 70 per cent for commercial loans and to 75 per cent for residential loans.
These changes are part of the Bank’s ambitious plans and commitment to facilitate greater lending options and to drive investment into and by SMEs.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “We are thrilled to announce our new lending criteria, as we are keen to offer our customers the best possible rates and products.
“We put our customers at the heart of what we do so it is vital that we continue building close and trusted relationships with them.”
He added: “As Redwood continues to grow, our appetite to see British SMEs succeed gets even stronger.”
Leon Marklew, Redwood’s Director of Business Development, said: “Our loyal team of brokers have played a vital role in the continued success of the Bank and our new lending criteria provides them and our customers with more flexible finance packages. We appreciate that our customers have very different needs, so we are tailoring our offers to reflect this.”
In August 2022, Redwood Bank will celebrate five years in business after it was launched in 2017.