Aldermore has completed deals more quickly than ever recently, largely due to title insurance.
The fastest took 48 hours from instructing solicitors to drawing down funds.
“Even though the economy and housing markets are slow, there are still borrowers who need to complete quickly and we’ve made sure that our systems, processes and customer support are as fast and efficient as they can be,” said Rob Lankey, managing director of Aldermore Commercial Mortgages.
“Acumen, our new online application system, and a recently launched title insurance service, have both helped dramatically reduce the time it takes for applications to complete. Brokers and borrowers can both be assured that, if speed is of the essence, they can rely on Aldermore for a fast turnaround.”
Aldermore’s fast-track title insurance service is based on a single premium policy which enables cases to complete with “significantly reduced title investigations”. The lender claims its service is attractive to borrowers who are refinancing and applying for loans of up to £500,000 and deals can be completed in five days or less.
James Kay, a broker with Bolton based Talking Finance, said: “It’s encouraging to see a lender in the commercial market place taking an innovative approach to streamlining the completion process. On a recent case it took Aldermore just 48 hours from instructing solicitors to drawdown, which surpassed all expectations and I would like to give praise where it’s due.”
John Klauber, a broker with Exeter & Truro based ASC Finance for Business, added: “Aldermore’s title insurance scheme proved invaluable for one of my clients, who had purchased a property using a bridging facility and wanted to refinance as quickly as possible onto a more competitively priced, longer-term mortgage deal.
“Aldermore worked closely with myself and the client’s solicitors and the whole deal was completed in less than nine days. Needless to say, my client was delighted and so was I.”