Shawbrook Bank’s commercial mortgages division has published its service level agreement (SLA) figures for December 2015.
During the final month of last year Shawbrook processed a total of 3,863 items, comprising 2,819 term loans and 1,044 short term loans.
99% of term loan new applications were dealt with in 72 hours or less, while 86% of short term applications were responded to within four hours. 100% of all short term applications were processed fully in under 48 hours.
Valuation times saw a continued improvement in December, which Shawbrook said reflects an upward trend which has been sustained since additional resource came on board in October. Reduced turnaround times were achieved across all but one area of valuations:
- Business valuations: 8.50 days (November – n/a)
- Commercial valuations: 9.55 days (November – 10.10 days)
- Residential valuations: 6.30 days (November – 6.34 days)
- STL commercial valuations: 9.14 days (November – 8.00 days)
- STL residential valuations: 3.50 days (November – 4.00 days)
- STL refurbishment valuations: 4.58 days (November – 5.30 days)
Shawbrook’s legal partners, Pure Law, were responsible for seeing 29% of non-rep refinance term deals turned around in 10 days. There was a marked improvement in term rep refinance figures, with 18% of deals processed in under 10 days compared to 3% from November.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “It is reassuring to see that our panel of broker partners and Shawbrook teams succeeded in finishing 2015 in such a positive way. We still see these monthly statistics as essential in forging an ever closer relationship with our broker partners, ensuring clarity for their clients whilst providing key data on our performance.
“With the recent launch of our expanded residential investment range, everyone at Shawbrook is excited to see how this impacts on our SLA results for January.”