Shawbrook bank is streamlining its short term loan practices for brokers.
The specialist savings and lending bank will produce a formal mortgage offer within 24 hours of receipt of all information, including the valuation report and new application form.
Lending managers meanwhile will send out head of terms within four hours of receiving the ENQ form.
Karen Bennett, director of sales and marketing of Commercial Mortgages, 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.”
Shawbrook is bringing in a dedicated valuation report for short term refurbishment loans with a four day service level agreement, which can be selected on residential properties up to £1m value.