West One has launched its commercial mortgage offering to the wider market across England and Wales.

The commercial mortgage product range offers rates from 6.69% on semi-commercial properties and 7.44% on commercial properties.

Loan-to-values (LTVs) are offered up to 75% of the vacant possession market value figure with loan sizes up to £3 million as standard.

The pilot programme created an opportunity for West One to evaluate their initial market offering and the extent to which it met the needs of commercial borrowers.

The lender reveals the pilot produced “a healthy conversion rate” of the enquiries it received and responded to all communication within the 24 to 48 hours it said it would uphold.

The lending is based on vacant possession market value and not the standard 180-day figure common in commercial mortgage lending. Alongside this, borrowers will not be credit scored, and each case is assessed on its own merits.

Flexible lending criteria is used and first-time-landlords, borrowers with minor credit blips, foreign nationals, expats, and those with complex income will be considered.

West One regional director Duncan Abraham says: “The results of the pilot clearly demonstrate the appetite for flexible and practical commercial mortgage solutions.”

“We’ve listened to brokers and investors and designed our product to meet their needs with speed and clarity. The full launch marks a significant milestone, and I look forward to supporting our broker clients as we provide new opportunities within the commercial property sector.”

Enra Specialist Finance, West One’s parent company, chief executive Danny Waters adds: “With the addition of commercial mortgages to our range of products, West One is entering a new phase of growth. Interest in our commercial pilot programme has been immense, and it is clear that brokers are looking for better alternatives to those that have been available on the market.”