Shawbrook Bank has reported an improvement in turnaround times and efficiency in October for short-term loan (STL) cases.
It said this was down to its dedicated STL team and Pure Law’s STL team, despite larger work volumes.
The short-term lending team ensured 95.1% of all new applications were dealt with within four hours, up from September’s figure of 88.7%. During the period, the volume of post items worked rose from 1,119 in September to 1,269.
October also saw the performance of Pure Law’s short-term loan team improve significantly, with 55% of instructions completed within 30 days, and over 30% within 10 days.
Valuations:
- Business Valuations: 16.67 days (Sept – 8.33 days)
- Commercial Valuations: 10.88 days (Sept – 10.80 days)
- Residential Valuations: 5.52 days (Sept – 5.87 days)
- STL Commercial Valuations: 7.72 days (Sept – 8.04 days)
- STL Residential Valuations: 3.82 days (Sept – 4.00 days)
- STL Refurbishment Valuations: 5.80 days (Sept – 4.64 days)
Shawbrook said two “challenging” business valuations had a sizeable impact in October when valuers at two properties were unable to gain access due to the owner being absent.
Legal:
The option is gaining real traction, demonstrated by the fact that
82% of ‘non-representational’ cases proceeded to completion within 30 days of instruction, compared to 55% when the clients elected to have their own solicitor representing them. For the first time, no cases took longer than 91 days and only 2 percent took over 61 days.
Karen Bennett (pictured), sales and marketing director for commercial mortgages at Shawbrook Bank, said: “October’s figures are indicative of a healthy market and it’s pleasing to see that when a case demands speed, our STL team and Pure Law’s STL team can deliver.
“We believe sharing these figures around our processes helps brokers when sourcing a lender for their client and assists them in achieving a positive customer outcome.”
