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Shawbrook completes £378,000 loan in eight days

Alex Lynn | 15:03 Friday 5th May 2017

Shawbrook Bank has completed a £378,000 residential investment loan in just eight days.

When the bank received an application via its E-AIP portal on a Sunday evening, the system immediately provided an indicative mortgage offer (IMO) for broker Springview Finance to send to the customer.

A promptly paid commitment fee enabled Shawbrook to deliver its RI0.1 product at 57% LTV on a 30-year, interest-only term within a short timeframe.

The funds were used to help the client purchase another property.

Isaac Reich of Springview Finance 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.

“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.”

Shawbrook's E-AIP service was launched in April 2016 and is available across the bank's residential and commercial products.

All cases that do not receive an instant IMO are contacted by a Shawbrook underwriter within four hours to explain why and discuss the next steps.

Emma Cox, sales director at Shawbrook Commercial Mortgages (pictured above), 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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