The specialist lender will also be launching a 10-year fixed-rate mortgage term later this month.

After hitting the major milestone of lending £1bn to UK SMEs, the bank now aims to make an additional £500m in committed loan offers between September and the end of this year — the same volume it achieved in the first eight months of 2022.

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Nick Baker, Allica Bank’s chief commercial officer (pictured above), explained: “With energy prices rising quickly and the Bank of England continuing to increase the base rate, commercial property investors and business owners are looking for ways to fix or manage their costs.

“We hope that these new additions to our mortgage proposition will give brokers and their clients more opportunities to do that, along with the support of Allica’s BDM team.
 
“We’ve set ourselves an ambitious goal to achieve a further £500m of committed loan offers between September and the end of the year.

“Considering Allica’s significant growth in recent months, the strengthening of our team and systems behind the scenes, and the unwavering support of our broker community, I am confident we’ll be able to achieve it.”