Challenger Allica Bank has boosted the size of its commercial mortgage and asset finance maximum loans and expanded its broker distribution team.

The lender, which was granted its banking licence in 2019, says it has increased its commercial mortgage maximum loan size from £3m to £5m “following feedback and requests from brokers”.

It has also lifted its maximum asset finance loan size from £250,000 to £500,000.

The bank says it is on “a joint mission with brokers to help more SMEs gain access to the finance they need to grow”.

The lender has also hired three business development managers.

Arshad Miah, with 14 years of experience in financial services, joins the firm to manage asset finance broker relationships in the Midlands and East Anglia regions.

Ben Green, who has worked with SMEs for the last seven years in banking and as a broker, will support commercial mortgage brokers and their clients in the West Midlands.

While Sam Roberts becomes the group’s new central business development manager, and will focus on building an active panel of brokers in the asset finance market.

Roberts has worked in financial services for five years, specialising in haulage, logistics and construction industries.

Allica Bank managing director – intermediaries Nick Baker says: “Arshad, Ben and Sam have the experience and understanding to know what solutions and approaches make broker’s lives easier.”

In March, Landbay has signed a funding deal with Allica Bank worth £1bn over five years.

The platform says the agreement with the lender will fund a range of residential buy-to-let mortgages it originates.