Shawbrook Bank can now produce an Indicative Mortgage Offer (IMO) without the need for a signed application for its commercial lending.
It cliams the AIP change will speed up the process of providing a detailed overview of the client, their experience, credit and repayment performance, as well as details on the property. It should allow the mandated team to produce an IMO with the view of the client proceeding to valuation, increasing the speed of potential deals.
The new AIP will use the following criteria:
- Completed product specific AIP forms or broker’s own detailed summary on the potential deal
- Income evidence – focused on the property schedule on specialist buy-to-let or commercial investment deals or accounts on trading businesses
The new AIP forms will also allow brokers to confirm that they have obtained the client’s permission to perform a credit search.
Karen Bennett, head of sales and marketing, commercial mortgages, Shawbrook Bank, said: “We know that time is of the essence for brokers when working on potential cases. This new system will increase the speed at which they can provide information to us. These changes have been made as a direct result of feedback from our brokers, who sit at the heart of our business.
“The first quarter of 2013 has already seen the commercial team announce a raft of new products, new appointments and internal promotions and this AIP change will further benefit our network of brokers as we strive to make Shawbrook the lender to follow.”