Allica Bank adds Freeths to legal panel
Allica Bank has partnered with national commercial law firm Freeths LLP, with the intention to improve lending speed.
Allica Bank believes the legal firm’s expertise and additional operational capacity will help improve lending efficiency.
The appointment coincides with a decision to further increase Allica Bank’s commercial mortgage maximum loan size from £3m to £5m following feedback and requests from brokers.
Allica’s maximum asset finance loan has also been increased, from £250,000 to £500,000.
Nicola Tunney, head of operations at Allica Bank, said: “The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible.
“Partnering with one of the UK’s leading commercial law firms gives us significant additional capacity to manage the pipeline, keep brokers well informed and drive completion volumes.
“We are delighted to be working with a firm whose values and commercial pragmatism are aligned so closely with our own, and one that is committed to delivering a fast and effective service to our broker partners.
“This move, along with other recent enhancements to our operational processes, will ensure that brokers can remain confident of top-quality end-to-end service across the entire loan journey.”