Shawbrook Bank’s Commercial Mortgages division has released its service level agreement metrics for July revealing that over 99.6% of term loans were processed within 72 hours and 100% of short-term loans processed within 48 hours.
The lender processed a total of 4,649 items, comprising of 3,468 term loans and 1,181 short-term loans.
The breakdown of Shawbrook’s valuation times shows a significant drop in the turnaround times for business valuations from June to July.
• Business Valuations: 8.00 days (June – 17.00 days)
• commercial Valuations: 10.49 days (June – 10.67 days)
• Residential Valuations: 7.84 days (June – 7.09 days)
• STL Commercial Valuations: 7.59 days (June – 8.14 days)
• STL Residential Valuations: 5.29 days (June – 3.94 days)
• STL Refurbishment Valuations: 4.91 days (June – 4.33 days)
Pure Law worked closely with Shawbrook to conclude another successful month for the short-term loan and non-rep refinance teams, with over half of instructions completed within 30 days, at 54% and 62% respectively.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “Many businesses would see releasing SLA data on a monthly business as a high-risk approach, but we take a different view. Efficient processing across the offering is critical in today’s fast moving property market, so we believe it’s right to be open with brokers about our standards.
“We know our brokers appreciate this demonstrable commitment to transparency, and 11 months after we released our first set of SLA figures, we remain hopeful that Shawbrook’s openness will help set the standard for transparency in the industry. It remains to be seen whether other lenders will follow suit.”