Shawbrook Bank’s commercial mortgages division has published its service level agreement (SLA) figures for September.
The bank processed a total of 4,538 items in September, comprised of 3452 term loans and 1,086 short term loans.
Processing remained stable across August to September with 95.6% of term loan new applications dealt with within 72 hours whilst 90% of short term loan new applications posted within 24 hours. A busy final quarter is predicted across the board particularly following the launch of the new Regulated Bridging Mortgage offering.
Valuation times saw a slight slowdown in September as the industry felt the impact of the latter summer months but these figures are expected to balance out over the coming weeks.
- Business Valuations : 19 days
- Commercial Valuations: 11.82 days (August- 9.74 days)
- Residential Valuations: 8.85 days (August -7 days)
- STL Commercial Valuations: 9.50 days (August- 9.20 days)
- STL Residential Valuations: 4.44 days (August- 6.27 days)
- STL Refurbishment Valuations: 7.75 days (August- 4 days)
On the legal side, Pure Law worked closely with Shawbrook and saw improvements on the STL side with 24% of STL deals being turned around in 10 days or less. With the solicitor non representation service, 59% of cases were turned around in 30 days or less.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “One of the most important parts of our working relationship with our broker partners is being open and transparent. This is why we continue to be the only lender who releases SLA data as part of an ongoing desire to be honest about our standard across the board.
“We’re excited for the last couple of months of the year and are looking forward to continuing to work effectively and efficiently with brokers to ensure the best outcomes for clients.”
Shawbrook remains the only lender to publish these figures openly to brokers more than a year after it first released its monthly figures for both term and short term loans.