The short-term lending team performed well throughout October, ensuring 95.1% of all new applications were dealt with within four hours, up from September’s figure of 88.7%. This was even more noteworthy considering the volume of post items worked rose from 1,119 in September to 1,269.
October also saw the performance of Pure Law’s short-term loan team improve significantly, with 55% of instructions completed within 30 days, and over 30% within 10 days.
Two challenging business valuations had a sizeable impact in October when valuers at two properties were unable to gain access due to the owner being absent. They demonstrate how vital it is to ensure someone is present at the property to allow the valuers access and achieve a fast turnaround.
The non-representation option is gaining real traction, demonstrated by the fact that 82% of cases proceeded to completion within 30 days of instruction, compared to 55% when the clients elected to have their own solicitor representing them. Another salient point is that, for the first time, no cases took longer than 91 days and only 2% took over 61 days.
Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank said:
“October’s figures are indicative of a healthy market and it’s pleasing to see that when a case demands speed, our STL team and Pure Law’s STL team can deliver. We believe sharing these figures around our processes helps brokers when sourcing a lender for their client and assists them in achieving a positive customer outcome.”
