Shawbrook Bank and broker Commercial Expert have completed a buy-to-let mortgage seven working days after receiving the application in principle (AIP).
Commercial Expert is one of the brokers on Shawbrook’s strategic partner Panel and has been trialling the lender’s new buy-to-let platform platform ahead of launch.
Last week the bank announced that the new technology – aimed at streamlining the entire application process for brokers, enabled them to provide a Formal Mortgage Offer (FMO) within 48 hours. Since this point, Shawbrook and Commercial Expert have worked closely together to ensure the conditions of the case were met efficiently, leading to completion of the case five working days later.
The online platform – due to launch next month, can accept buy-to-let applications between £50k to £25m, up to 75% LTV and has no limitations on the number of properties or applicants per application.
Claire Rankin, director of strategy and digital transformation at Shawbrook, said: “By applying advanced decisioning techniques and sophisticated insights via API technology, our broker partners will experience a quicker and more intuitive journey to credit decisions and property valuations using our new platform, and this is already being demonstrated
“Of course, technology can only go so far in speeding up any process, and its truly down to our partnership with Commercial Expert that this case was completed so quickly. It’s a real testament to what can be done when you have the right mixture of innovative tech and great working relationships.
“When the platform launches fully next month, we hope to see more decisions and cases decided as quickly as this one.”
Daniel Brown, senior business manager at Commercial Expert, added: “We are thrilled to be trialling Shawbrook’s new platform and have been truly impressed by how quickly this case was completed. Using the platform made the process very easy and enabled us to please our client with a process significantly quicker, and considerably more straightforward, than they were expecting.
“For our own business, using Shawbrook’s platform will free up more of our time so that we can help more clients with their needs. It’s truly a win-win-win, and we’re excited to see the platform develop further over the course of the next few months.”
