Tuscan Capital has added a fast track process to its residential bridging loans in a bid to streamline its lending.
The short-term specialist lender says its fast track system employs an automated valuation model to decide whether a desktop or short-form valuation should be used.
It adds that title and search indemnity insurance can be used to speed up an application, while credit-approved term sheets can now be issued within four hours of an enquiry.
Personal guarantees, which require all parties to have independent legal advice, will no longer be required on cases at 65% loan to value and below.
A new know your customer smartphone app can be used to upload documents “in seconds”, further reducing time and paperwork for brokers.
The firm adds that the system uses an asset-based underwriting approach and a “common sense” logic check for the exit strategy.
It has also cut its lowest headline bridging rate to 64 basis points per calendar month.
Tuscan Capital chief executive Colin Sanders says: “With the introduction of these fast track improvements, we have really decluttered the process for the broker and focused on making the customer journey much more efficient.
“The new approach to valuations will result in a faster process for the vast majority of bridging finance cases, while the introduction of title insurance will be a breath of fresh air for those who need their purchases to be completed quickly, such as those buying at auction.
He adds: “Today’s news is the first announcement in a series of process innovations that Tuscan Capital will be unveiling over the coming months.”