The new £10m limit will cover both single loans and the combined value of multiple facilities to the same customer.
In addition, the bank has enhanced its care home policy to offer further financial support to the care home market.
The changes include a reduction in debt service thresholds for both first-time buyers and experienced operators, as well as an asset class expansion to cover specialist care assets — including residential care for children and adults.
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The increase in Allica Bank’s maximum commercial mortgage loan limit and its care home product enhancements are both in direct response to extensive feedback gathered in its broker survey in Q4 2022.
Nick Baker, chief commercial officer at Allica Bank (pictured above), said: “We understand that 2023 will be a critical year for many SMEs; that’s why it’s key that banks continue to work closely with brokers to ensure they are best serving the needs of these businesses and adapting their product offerings to meet changing demand.
“These enhancements were designed in line with the feedback our broker community gave us as to how we can help even more of their clients, and we expect to see plenty more coming over the rest of the year.”
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