Commercial FinanceNews

Shawbrook completes term loan in just eight business days

The commercial mortgages team at Shawbrook has completed a residential investment loan for a client of Springview Finance, on its RI0.1 product.

The gross loan value was £378k at 57% LTV, on a 30-years interest only term with the funds being used to purchase another property.

After receiving the application on the E-AIP portal on a Sunday evening, the system immediately provided an Indicative Mortgage Offer (IMO) for the broker to send to the customer, with the loan then completed in eight business days.

Isaac Reich of Springview Financem said: “What marks this case out is the sheer speed of completion – a mere eight business days between the initial application and funds being released to my client’s bank account – which understandably made a great impression on them. This is typical of the speed and efficiency I have come to expect of Shawbrook.

“The fact I received an instant IMO for my client on a Sunday evening is another significant benefit. The bank’s E-AIP system has delivered on the promises made, allowing me to conduct business at a time and place convenient to my needs.”

Emma Cox, sales director at Shawbrook Commercial Mortgages, added: “We are thrilled to provide such a quick and efficient case journey for this customer. I am also especially pleased by the fact that Springview Finance benefited from using the E-AIP online portal, designed to provide a hard, credit-backed IMO for our brokers’ clients.

“Clearly, E-AIP is doing its job but we will not be resting on our laurels. Our teams are working hard behind the scenes on a number of initiatives to improve this service further.”

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