Shawbrook sees 'significant improvement' in short term loan times

Shawbrook remains the only lender to publish these figures openly to brokers more than a year after they first released their monthly figures for both term and short term loans.

As the summer months came to a close the bank was able to process a total of 4,539 items in September, comprised of 3452 term loans and 1086 short term loans.

Processing remained stable across August to September with 95.6% of term loan new applications dealt with within 72 hours whilst 90% of short term loan new applications posted within 24 hours. A busy Q4 is predicted across the board particularly following the launch of the new regulated bridging mortgage offering.

Valuation times saw a slight slowdown in September as the industry felt the impact of the latter summer months but these figures are expected to balance out over the coming weeks. Business valuations took within 19 days - the longest of all loan types. Short term residential valuations took just 4.44 days - down from 6.27 in August.

On the legal side, Pure Law worked closely with Shawbrook and saw significant improvements on the STL side with 24% of STL deals being turned around in 10 days or less. The solicitor non representation service continues to perform well for brokers and clients with 59% of cases turned around in 30 days or less.

Karen Bennett, Sales and Marketing Director of Commercial Mortgages at Shawbrook Bank commented:

“One of the most important parts of our working relationship with our broker partners is being open and transparent. This is why we continue to be the only lender who releases SLA data as part of an ongoing desire to be honest about our standard across the board. We’re excited for the last few months of the year and are looking forward to continuing to work effectively and efficiently with brokers to ensure the best outcomes for clients.”