Brand looks to build on success of mortgage lending by providing alternative loan options for commercial borrowers looking to refinance or acquire new properties
Lending specialist, Pepper Money, has today announced that it is to begin selling its first commercial mortgage products in this market through a dedicated new sales division which is due to go live later this month.
This announcement follows Pepper Money’s successful entry into the residential mortgage market two years ago and will see the company utilise its direct-to-consumer platform to introduce new commercial products with loan values ranging from €250,000 up to €7.5 million.
Pepper Money will cater to a range of commercial property and professional buy-to-let borrowers wishing to refinance loans or acquire new commercial properties including SMEs, family businesses and investors with single and multi property proposals. As with its residential mortgages, Pepper will also cater to borrowers who have historic credit issues but are now up to date and finding it difficult to obtain finance or refinance. Rates will start as low as 5.00% depending on criteria.
Paul Doddrell, CEO at Pepper Ireland, said: “As the Irish commercial property market enters the next phase we believe there is room for new entrants such as Pepper Money who can provide a modern alternative and address the needs of commercial borrowers, such as those looking to refinance or grow and develop their businesses. It was always our intention to expand our lending offering to include commercial products and to date we have been successful at attracting customers by offering more choice and competition for all borrowers but especially those with otherwise limited options.”
“We have a highly experienced team of qualified real estate professionals with deep understanding of the Irish commercial real estate market and the challenges facing borrowers. As such, we see a specific opportunity to help investors and businesses who experienced difficulties during the recession which may be preventing them from refinancing current loan facilities or acquiring finance to return their businesses onto a growth trajectory,” said Doddrell.
Ian Wigglesworth, Head of Commercial Mortgages at Pepper Money said “At Pepper we take an all-round view of the borrowers’ lending proposal and believe in helping property investors and individual businesses achieve their goals. We will offer progressive lending criteria and quick decisions on applications which will be reviewed and assessed by our experienced and knowledgeable commercial underwriting team.”
Customers will be able to apply for a loan directly with Pepper Money via the website www.peppermoney.ie/commercial or dedicated customer service team on 1890 86 66 26 when the company officially opens for business later this month. In the mean time, customers can make enquiries and register their interest by emailing firstname.lastname@example.org.
Pepper Money is part of Pepper Group, a diversified global financial services business listed on the Australian Securities Exchange (ASX:PEP). Pepper Group has offices across Australasia, Asia and Europe, with over 600,000 customers worldwide and $50.8 (€34.3) billion in assets under management as at 31 March 2017 – comprising $7.7 (€5.2) billion in lending assets and a servicing portfolio of $43.1 (€29.1) billion. Pepper Ireland is regulated by the Central Bank of Ireland.
For more information about Pepper Money: www.peppermoney.ie.
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