17th November, 2020
Commercial mortgage applications have increased by 235% between June and November 2020, according to Allica Bank.
As a result, the bank has increased its operational capacity to support £100 million in lending over the next quarter.
In addition, the lender has quadrupled both its underwriting headcount and the number of lending support officers it employs since June 2020.
It has also increased its number of customer service advisers by 25% over the same period.
Furthermore, the bank outlined that it continues to remain open during the second national lockdown and it has pledged to donate £100 to NHS charities for every full application made during the lockdown
Nick Baker, head of intermediaries at Allica Bank, said: “The support available for our broker partners seeking funding for small businesses, outside of COVID-19 loan schemes, has fallen drastically this year and looks set to drop further.
“Our current lending levels show that there is still huge demand in the market from SMEs and that is why we have been dramatically increasing lending capacity and working closely with brokers to ensure that this funding is reaching the businesses that need it.
“We have also raised our headcount significantly, to ensure that we can continue to deliver swift lending decisions which are made on clear and consistent criteria.
“Allica is very much open for business and in a strong position to continue to work collaboratively with brokers and SMEs to ensure they get the support they require. “
*Content courtesy of Mortgage Introducer*