Shawbrook has unveiled a new process for its short term loan (STL) offering.
The aim is to improve the speed and efficiency of Shawbrook’s drive to completion.
For example, on receipt of the ENQ form, Shawbrook’s mandated lending managers will send out Heads of Terms within four hours.
In addition, Shawbrook says it will produce a Formal Mortgage Offer within 24 hours of receipt of all information, including the valuation report and new application form.
To support this, Shawbrook is bringing in a dedicated valuation report for short term refurbishment loans with a four day Service Level Agreement (SLA). This report is to be instructed on any Heavy Refurbishment Loans (STL6). This four day service can also be selected on residential properties up to £1m value.
Shawbrook has also assigned specific codes to short term loan valuations to emphasise the urgency of these reports to the panel managers.
Karen Bennett, director of sales and marketing of commercial mortgages at Shawbrook Bank, said: “Our new process will be more akin to what brokers are used to from traditional bridging providers. However, the cases will continue to be looked at by our mandated lending managers as we understand the importance not only of a quick decision, but of a decision that won’t change later in the process.
“It’s great to be able to smooth the way for our brokers in this exciting area of the market, and this is just another of the many innovations we have planned for our specialist STL offering.”