While a relationship has been in place for some time, which has seen LendInvest assess Method’s xi valuation management software system, contracts have now officially been signed.
The valuation panel management software solution facilitates direct contact between valuers, lenders and packagers via a fully-secure, GDPR-compliant, fast and transparent system.
Niall Deas, operations director at Method (pictured above), said that the most pleasing thing about the company’s growth was having high-calibre clients, like LendInvest, join for reasons which are directly aligned to its aims for the business.
“This means we’ve got the core design and business ethos right,” he commented.
“It’s not until clients start using Method that they realise how much it can actually do.
“It’s a very clever system, which adds value in more ways than people first imagine.”
Lauren Eaton, head of lending operations at LendInvest — who played a pivotal role in Method’s selection and implementation — stated that it compared Method’s service solution to other panel managers and found it “best for our business needs”.
“The continuous development and improvement of their portal mirrors our own development and deployment of technological systems.”
The announcement follows four other lenders teaming up with Method during April, which are all now processing valuations via the online portal.
This includes Glenhawk, Catalyst Property Finance, MT Finance and Seneca Bridging.
While Method has grown its relationships with lenders, valuers and packagers since its launch in 2015, the benefits of a cloud-based online proposition have been further amplified during the Covid-19 crisis.
“There was already a shift towards fintech solutions, but this period has seen a forced shift in working practices, and many businesses are now re-evaluating their approach,” Niall stated.
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“What we have seen through the Covid-19 pandemic is that Method has connected the market, helping to place valuations for its lender clients where possible in light of the government’s guidelines.
“The addition of the four new lenders in this period has been the culmination of significant planning, development and deployment of our software system; the timing is somewhat of a coincidence.”
Through the Method xi software system, a lender is directly connected to any number of active valuers, removing or reducing the need for desktop valuations, which Niall said had been a “huge benefit” to its clients.
Method also has no set-up, licence or maintenance fees for valuers and lenders, and has pre-agreed transaction fees.
Ky Benjamin, head of underwriting at Glenhawk, said that Method’s “impressive due diligence” meant that it could fully trust its valuers, knowing with confidence that it was working with experienced and professional people.
“[Its] impressive tech platform provides a seamless and astute user experience, specifically allowing us to custom build our own unique panel of valuers according to the needs of our clients and business.”
Mark Robertson, managing director at Method, added that, from the outset, the company wanted a feature-rich system — “and that’s what we have built.”
“We work with our clients on the design, development and testing of all our new features to ensure that they add value to their work and make things easier.
“Clients now have the ability to download full case histories at the touch of a button, an online glossary of common terms, and a panel coverage tool to see what changes to their criteria mean to their panel coverage.
“We’ve designed Method to provide solutions to industry issues and add value on a day-to-day basis for our clients, plus the best possible user experience.
“To say we are delighted with how it has taken off is an understatement!”