Utilising a new valuation process including greater use of AVMs and desktop valuations, as well as title insurance and search indemnity policies, Tuscan said it had allowed brokers to focus on the key requirements of the deal and not get bogged down with gratuitous underwriting requisitions.

The lender’s data shows that AVM or desktop valuations are now utilised by 75% of all new business cases — reducing the turnaround time for property valuation — and fewer cases now require a personal guarantee (PG) element, which requires all parties to take independent legal advice and adds to cost and time requirements.

If the case is below 65% LTV, PGs are not required and as a result, the turnaround times for these cases has been reduced by an average of five days.

Since launch, Tuscan’s auction purchase product completion times have also dropped to an average of 16 working days — a reduction of eight days — largely down to AVM and desktop valuation usage.

Fast Track allows an AVM to be used as an alternative to a RICS property valuation and inspection, where hometrack data supports the client’s estimated value or purchase price.

Tuscan can rely upon an AVM to 70% LTV for purchases and 60% LTV for refinances up to a £750,000 valuation, with a confidence level accepted from five.

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The company’s development exit products have also seen average turnaround times reduce from 54 working days in 2021 to 29 working days under the fast-track process.

The lender said the key difference in speed in these cases was its ability to utilise title insurance under Fast Track and to take a pragmatic approach to the execution of the legal documentation.

As a result of the process enhancements, Tuscan said loan enquiries and conversion rates had improved with 31% of all introduced business now arriving from first-time brokers.

Colin Sanders, CEO at Tuscan Capital (pictured above), said: “It has been a 12-month period which has flown by for both ourselves, and I hope, for our broker customers in terms of the process improvements we have been able to deliver, and the turnaround and completion times we are achieving.

“This is without doubt a challenging market, but we have been able to ensure brokers and their customers get the finance they need in the quickest possible timescale.

“One year on and the successes are obvious, but it would be foolish for us to stand still, and we have no intention of doing this.

“We continue to look at the ways and means by which we improve the process, how we can ease that administrative burden for brokers and customers, and continue to deliver the funding they need as quickly as possible.”