Shawbrook Bank’s Commercial Mortgages division has published its service level agreement (SLA) figures for October.
Over the course of the month the bank was able to process a total of 4613 items, comprising 3370 term loans and 1243 short term loans.
October saw an improved performance for processing with steady rises across most areas with 97.9% of term loan new applications dealt with within 72 hours while 92% of short term loan new applications posted within 24 hours representing an uplift with the launch of the new Regulated Bridging Mortgage offering early in the month.
Valuation times saw an uplift in October with increased capacity in the valuation team:
- Business Valuations: 10 days (September – 19 days)
- Commercial Valuations: 10.61 days (September – 11.82 days)
- Residential Valuations: 7.58 days (September – 8.85 days)
- STL Commercial Valuations: 7.14 days (September – 9.50 days)
- STL Residential Valuations: 4.56 days (September – 4.44 days)
- STL Refurbishment Valuations: 5.53 days (September – 7.75 days)
Pure Law, Shawbrook’s legal partners, also saw improvements for legal turnarounds in October. In total 29% of STL deals were turned around in 10 days or less while the solicitor non representation service continues to be a top performer with 84% of deals turned around in 30 days or less.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “It is encouraging to see the hard work of our broker partners and our team reflected in these latest figures. More than a year after first publishing these figures, we see them as an important part of our relationship with our brokers.
“With a busy end to 2015 ahead we’re hoping to continue the good work and remain as transparent as possible as we round out the year.”