Atom Bank explodes onto the CBILS scheme

Atom Bank and Sterling Capital Reserve

This product is no longer available.
For the current product go to UK Government Backed Loans

In an exciting development, Atom Bank has announced it is offering secured, stand-alone commercial mortgages, with up to a 25 year repayment profile.

Applications to Atom Bank are through the broker channel only and Sterling is delighted to be on the East Midlands panel.

This would be ideal for Companies looking to:

  • Source funding where own Bank is unable to assist
  • Maintain existing Bank relationship
  • Repay, over a longer repayment profile
  • Consolidate existing borrowings
  • Raise finance in the hospitality sector

Features of the scheme include:

  • Loans from £100k to £5m
  • Loan term up to 6 years, with up to 25 year repayment profile
  • Rates from 2.5% over BBR
  • Up to 75% LTV
  • Leaving core bank account in place
  • First 12 months interest paid for by the British Business Bank
  • Lender fees (inc Valuation & Solicitors), paid by BBB
  • No capital repayment for the first 12 months
  • No Directors personal guarantees up £250k
  • Limited Company, LLP, Partnership and Sole Traders
  • No early settlement fees
  • Part repayment allowed
  • No broker fees

Requirements of the scheme include:

  • Trading Businesses only
  • First legal charge over commercial business premises
  • Latest 2 years accounts, including P & L
  • Management accounts to include aged debtor and creditor list
  • Evidence of payroll costs or total turnover for 2019