Shawbrook almost halves valuation times for businesses

Shawbrook Bank has revealed a significant drop in the time it takes to complete a valuation.

The challenger bank said the time taken to complete a business valuation had almost halved to 10 days in October from 19 days in September.

Residential valuations times fell 14% to 7.58 days and commercial valuation times were down 10% to 10.61 days over the same time period.

Shawbrook said its legal partner, Pure Law, had also seen a big improvement in legal turnarounds with 29% of short term loan deals completed in 10 days or less.

The news accompanied the release of Shawbrook’s service level agreement figures for October, which saw the commercial mortgages team process a total of 4,613 items, including 3,370 term loans and 1,243 short term loans.

During the month, 97.9% of term loan new applications were dealt with within 72 hours while 92% of short term loan new applications were posted within 24 hours.

Karen Bennett, Sales and Marketing Director of Commercial Mortgages at Shawbrook, said it was encouraging to see the hard work of the team and its broker partners reflected in the figures.

“More than a year after first publishing these figures, we see them as an important part of our relationship with our brokers,” said Karen.

“With a busy end to 2015 ahead we’re hoping to continue the good work and remain as transparent as possible as we round out the year.”