Tuscan Capital has announced it is relaunching its residential bridging proposition with the addition of a new fast track process.
The short-term property finance provider expects the changes to significantly speed up the application process for its bridging cases.
Fast track uses a new valuation process where an AVM is used to decide whether a desktop or short-form valuation can be used. Title insurance and search indemnity insurance can also be utilised to speed up an application, Tuscan Capital added, and credit-approved term sheets can now be issued within four hours of an enquiry.
The lender also confirmed that personal guarantees, which require all parties to have independent legal advice, will no longer be required on cases at 65% LTV and below. Furthermore, a new Know Your Customer (KYC) smartphone app can be used to upload documentation for client identity purposes to further reduce time and paperwork for the broker.
“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,” said Tuscan Capital CEO, Colin Sanders.
“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.
“While we’re really pleased with these enhancements, in no way do they represent the end of our drive to make our processes as efficient as possible. In fact, today’s news is the first announcement in a series of process innovations that Tuscan Capital will be unveiling over the coming months.”
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