Atom bank has increased the maximum loan to value (LTV) available on its large commercial mortgages.

Mortgages of up to £5 million are now available up to a maximum of 75% LTV against Market Valuation (MV1). As a result, some applicants’ potential borrowing will have increased from a maximum lend of £1m, up to £5m. While Atom bank does currently offer up to £10m for eligible borrowers, it states that this increase to £5m for up to 75% LTV will impact a significant portion of applicants.

For the majority of borrowers seeking a Recovery Loan Scheme (RLS) facility, the bank will now allow lending up to the scheme maximum loan size of £2m, for LTVs of up to 75%. Atom bank will be closing for new RLS applications from midnight Tuesday 28 May, with reduced rates on the range until that time.

Tom Renwick, head of business lending at Atom bank, said: “Atom bank enjoys a strong relationship with intermediaries, and we use their feedback wherever possible to improve our proposition. It was clear from our discussions with brokers that there was a real gap in the market for higher LTV lending on these larger mortgages, so we’ve reacted to that.

“These changes demonstrate how serious Atom bank is about supporting the UK’s SMEs with their borrowing needs, and mean we will be able to work with a much wider range of businesses, helping them meet their growth ambitions.

“Brokers have also been the driving force behind the range of transformative changes we have made to our commercial broker portal and underwriting process, to the point that Atom bank is now able to get an offer out within 14 working days on average.”