Tuscan implements fast-track process for residential bridging

The fast-track process uses a new valuation procedure, where an AVM determines whether a desktop or short-form valuation can be utilised.

It allows title and search indemnity insurances to be used to speed up an application, and aims to issue credit-approved term sheets within four hours of an enquiry.

As part of the new fast-track process, a new KYC smartphone app is available to upload documentation for client identity purposes, in order to further reduce time and paperwork for brokers.

Legal documents can also be executed remotely using video technology.

In addition to this, Tuscan Capital has removed the need for personal guarantees — which require all parties to have independent legal advice — for cases at 65% LTV and below.

Colin Sanders, CEO at Tuscan Capital (pictured above), said: “With the introduction of these fast-track improvements, we have really decluttered the process for the broker and focused on making the customer journey much more efficient.

“The new approach to valuations will result in a faster process for the vast majority of bridging finance cases, while the introduction of title insurance will be a breath of fresh air for those who need their purchases to be completed quickly, such as those buying at auction.

“While we’re really pleased with these enhancements, in no way do they represent the end of our drive to make our processes as efficient as possible. 

“In fact, today’s news is the first announcement in a series of process innovations that Tuscan Capital will be unveiling over the coming months.”

The short-term finance lender also offers commercial bridging loans, following its proposition launch at the beginning of the year.