Our Variable Rate Loan can help you achieve your business goals, whether you’re buying a new van, completing an office refurbishment or growing your business.
Find out how to apply for a Variable Rate Loan.
Loan repayments must be made from your Co-operative Bank business current account.
If you do not yet have a Co-operative Bank business current account, we will help you open one if your lending application is successful.
The Variable Rate Loan is available for business use only.
All businesses can apply for a loan from a minimum of £25,020.
Please contact one of our Relationship Managers. The maximum funding limit is £10m.
The interest rate is variable and linked to the Bank of England Base Rate, plus the appropriate interest margin, which will be determined by the financial status of your business. This means the interest rate that you pay will change as the base rate changes.
For sole traders and partnerships, your personal financial circumstances will also be taken into account.
Discussed upon application.
Discussed upon application
Lending is typically offered on a secured basis. Please note that there will be additional fees when security is required. Fees will be discussed throughout the application process and will depend on your individual circumstances.
Security fees are the costs you’ll need to cover so that the Bank can secure the lending. For example, the cost of registering a Legal Charge over a business property.
If we are able to consider lending on an unsecured basis we will discuss this with you during the application process.
Max. loan to value
We can offer 70% of the market value in funding depending on the sector. For vacant possession properties, we can offer a maximum 80% of the value. Loan to value (LTV) is the ratio of bank funding to the value of the asset over which the Bank will be granted security.
Ashley Lidgard, Managing Director at the Oak Ridge Hotel Group
Please note: Fixed rate loans are also available for lending of £250,000 or more.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on your business and key individuals (including directors and shareholders).
Any property given as security, which may include your home, may be repossessed if you do not keep up repayments on your loan or other debts secured on the property.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
If you would like to apply for a loan of £250,000 or more, up to a maximum of £10m, please get in touch with one of our Relationship Managers. They will discuss your lending requirements with you and tell you what information you’ll need to send us.
To apply for the Variable Rate Loan, you’ll need:
Read the following important documents and save copies for your future reference:
Use the information gathered in Step 1 to complete the relevant forms (the form appropriate for your business type, plus the ‘Assets & liabilities’ form) and send them to us at the email or postal addresses given below:
Apply by email
Apply by post
The Co-operative Bank
P.O. Box 200
20 to 60 minutes
Send us your completed forms
This usually takes about 20 to 60 minutes. You may find it helpful to gather the information listed under ‘What you’ll need to apply’ before you start filling out the form.
Within 2 business days
We’ll get in touch with you
We aim to get in touch with you within 2 business days of you sending us your completed forms. We might ask you for some additional information at this stage.
Within 10 business days
You’ll receive a decision from us
We aim to give you a decision within 10 business days of your full application being received. Occasionally, we may require additional information depending on your circumstances.
If you do not get through to a Relationship Manager straight away, they will contact you within 2 business days of your initial phone call or email to talk through your application with you and discuss next steps.
Be reassured by having a fixed rate of interest on your loan
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