Shawbrook intends to speed up the process of applications by adding a new stage to its method.
Upon receiving the ENQ form, Shawbrook claims its mandated lending managers will send out Heads of Terms within a mere four hours.
Further to this, upon receipt of all information, Shawbrook will produce a Formal Mortgage Offer within 24 hours which will include the valuation report and a new application form.
Karen Bennett, Director of Sales and Marketing of Commercial Mortgages at Shawbrook said: “Our new process will be more akin to what brokers are used to from traditional bridging providers. However, the cases will continue to be looked at by our mandated lending managers as we understand the importance not only of a quick decision, but of a decision that won’t change later in the process.
“It’s great to be able to smooth the way for our brokers in this exciting area of the market, and this is just another of the many innovations we have planned for our specialist STL offering.”
In order to support this new development, Shawbrook is bringing in a dedicated valuation report for short-term refurbishment loans with a “four day Service Level Agreement (SLA)”. The report will be instructed on any Heavy Refurbishment Loans (STL6).
This four day service also has the option to be selected on residential properties worth up to £1 million in value.
Shawbrook have also just released their most recent “Broker Barometer”, a survey of the commercial intermediary market, which revealed that the majority of brokers (58 per cent) felt that transparency around commissions was a good thing, although 27 per cent disagreed.
Neil Pointin, Founder and Managing Director of B&P Finance Consultants, said: “As we leave the economic climate of the last few years behind us, transparency in both lenders and brokers is more vital than ever.
“There’s just no place in the market for underhand deals. Shawbrook is among the lenders that feel as we do when it comes to being open, handling all cases responsibly, and putting the security of the client first.”
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