Allica Bank is set to lend £50m at an interest rate of 3.5% in an eight-week promotion aimed at small and medium-sized firms seeking owner-occupied commercial mortgages. It is offering mortgages of between £150,000 and £5m at a loan-to-value ratio of up to 60% and where the debt service coverage ratio is more than two times. This rate is comparable to that offered by high street banks, but Allica said it offered greater relationship management support and SME lending expertise than traditional banks.
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