Republic Bank launches Innovative Long Term Commercial Mortgage

Barbados, March 1st, 2017 – Republic Bank continues to establish itself as a leader in mortgage lending with the launch of a pioneering commercial mortgage offer designed to encourage business owners to invest in ownership of a home for their businesses.

The new Long Term Commercial Mortgage Loan from Republic Bank will have a number of innovative benefits built in – special conditions applying – including an industry-leading 15-year repayment term and variable interest rates dropping to as low as 5 percent.

Sean Husain, Republic Bank’s General Manager, Corporate and commercial Credit, said the timing of the new commercial mortgage plan was in keeping with Republic Bank’s strategy of providing financial products in the best interests of its customers and the market in general, while responding to consumer demand and prevailing economic conditions.

“We see this Long Term Commercial Mortgage Loan as very timely given an economic environment where there is plenty of liquidity and very competitive interest rates, which really provides business owners with the investment opportunity of a lifetime. We also see a responsibility for the banking sector, and Republic Bank in particular, to work with businesses at this time to provide them with the financial support they need for growth and sustainability,” Husain said.

The General Manager said he was confident that clients would find that a commercial mortgage from Republic Bank would provide them with a number of advantages over other lenders in the market, including the standard 15-year term, and savings mechanisms such as up to $30,000 to assist customers moving their mortgages to Republic Bank with associated fees.

“Our 15-year repayment term provides a major advantage to business owners whose properties might be in some need of refurbishment or a facelift. The extended maturity term can provide them with the opportunity to maintain their premises and better serve their customers, at the most competitive terms available. It also demonstrates a willingness on our part to share in and spread the mortgage risk over a longer term.”

The launch of the Commercial Mortgage campaign follows on revelations earlier this year from Republic Bank that its 2016 residential mortgage campaign had been extremely successful and significantly exceeded set targets.

“We are well known at Republic Bank for providing our customers with excellent service and products and we have already been able to assist a number of Barbadian entrepreneurs in growing and improving their businesses through investment in a permanent home of their own.”