Aldermore sets new lend speed record

By Bridging Loan Directory -

 

British bank Aldermore has demonstrated that if speed is of the essence it can help, when it comes to commerical mortgage applications. In recent weeks, Aldermore has completed several deals in record breaking times, with the fastest taking just 48 hours from instructing solicitors to drawing down funds.

Rob Lankey, Managing Director of Aldermore Commercial Mortgages, said: “Even though the economy and housing markets are slow, there are still borrowers who need to complete quickly and we’ve made sure that our systems, processes and customer support are as fast and efficient as they can be.

“Acumen, our new online application system, and a recently launched title insurance service, have both helped dramatically reduce the time it takes for applications to complete. Brokers and borrowers can both be asured that, if speed is of the essence, they can rely on Aldermore for a fast turnaround.”

James Kay, a broker with Bolton based Talking Finance, said: “It’s encouraging to see a lender in the commercial market place taking an innovative approach to streamlining the completion process. On a recent case it took Aldermore just 48 hours from instructing solicitors to drawdown, which surpassed all expectations and I would like to give praise where it’s due.”

John Klauber, a broker with Exeter & Truro based ASC Finance for Business, said: “Aldermore’s title insurance scheme proved invaluable for one of my clients, who had purchased a property using a bridging facility and wanted to refinance as quickly as possible onto a more competitively priced, longer-term mortgage deal. Aldermore worked closely with myself and the client’s solicitors and the whole deal was completed in less than nine days. Needless to say, my client was delighted and so was I.”

Aldermore’s fast-track title insurance service is based on a single premium policy which enables cases to complete with significantly reduced title investigations. The service is  particularly attractive to borrowers who are refinancing and applying for loans of up to £500,000 and deals can be completed in as little as 5 days or less.

Rob Lankey concluded: “Title insurance may not be applicable in every instance because of the varying types of property to be financed, but we do guarantee that we’ll pull out all the stops to enable brokers and borrowers to hit time-sensitive deadlines. If brokers have cases which need to complete quickly, I recommend that they give their Aldermore lending relationship manager a buzz on 01733 404518 as soon as possible to talk through the details.”