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Commercial mortgage FinTech bank wins lending accreditation

Atom, a UK app-based bank, has been accredited as a lender by the British Business Bank under the new Growth Guarantee Scheme.

The GGS is the successor to the Recovery Loan Scheme, which was designed to support access to finance for small and medium-sized businesses in the UK.

The GGS started on July this year and runs until March 31 2026. It is administered by the British Business Bank and is expected to support around 11,000 businesses, with lenders provided with a 70% government-backed guarantee on facilities of up to £2m.


Atom has been one of the biggest lenders through the RLS scheme, providing funding of more than £235m to date.

Prior to accreditation, Atom made a suite of changes to its commercial mortgage proposition, allowing the bank to support an even wider range of British businesses.

The maximum loan-to-value on large commercial mortgages was increased so that mortgages of up to £5m can now be obtained at up to 75% LTV against the market valuation, while rates across the range have been reduced by up to 0.68%. A further 0.25% discount is available on all loans between £2m and £4m.

Intermediaries can instruct a valuation at any point up to the issuing of an approval in principle, which can slash the time from offer to completion by up to seven weeks.

Tom Renwick, Head of Business Lending at Atom, comments: “Atom bank has been a proud participant in previous schemes, offering significant levels of funding to businesses as they looked to initially recover from the pandemic, and more recently as they look to invest and grow .

“That commitment has been further demonstrated through the recent criteria and policy enhancements we have made, increasing the maximum LTV available on larger loans and reducing our commercial mortgage rates. Atom bank is determined to champion the needs of SMEs, and continue to unlock the funding they need in order to reach their ambitions.”


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