New tech platform enables buy-to-let mortgage completion in seven days

By Bridging Loan Directory 12th April 2021

Shawbrook Bank and broker Commercial Expert have completed a Buy-to-Let mortgage just seven working days after receiving the application in principle (AIP), using Shawbrook’s new innovative Buy-to-Let Platform.

Commercial Expert is one of the brokers on Shawbrook’s Strategic Partner Panel and has been trialling the platform ahead of launch.

The success of this particular case highlights the added benefits to the customer when lender and broker have a strong partnership, on top of the efficiencies made by advanced technology.

Last week the bank announced that the new technology – aimed at streamlining the entire application process for brokers, enabled them to provide a Formal Mortgage Offer (FMO) within 48 hours.

Since this point, Shawbrook and Commercial Expert have worked closely together to ensure the conditions of the case were met efficiently, leading to completion of the case just 5 working days later.

The case timeline

Day 1 – AIP was submitted via the Buy-to-Let Platform. All third-party checks were automatically carried out as part of the AIP process. An instant IMO was then generated, alongside a successful AVM.

Day 2 – Broker swiftly provided outstanding information

Day 3 – Underwriter produced the FMO

Day 4 – The signed offer was returned and solicitors were instructed

Day 5 and 6 – Broker quickly satisfied the pre-completion conditions

Day 7 – Funds were released and case completed

The online platform – due to launch next month, can accept Buy-to-Let applications between £50k to £25m, up to 75% LTV and has no limitations on the number of properties or applicants per application.

Claire Rankin, Director of Strategy and Digital Transformation at Shawbrook says:

“By applying advanced decisioning techniques and sophisticated insights via API technology, our broker partners will experience a quicker and more intuitive journey to credit decisions and property valuations using our new platform, and this is already being demonstrated

Of course, technology can only go so far in speeding up any process, and its truly down to our partnership with Commercial Expert that this case was completed so quickly.

It’s a real testament to what can be done when you have the right mixture of innovative tech and great working relationships.

When the platform launches fully next month, we hope to see more decisions and cases decided as quickly as this one!”

Daniel Brown, Senior Business Manager at Commercial Expert, comments:

“We are thrilled to be trialling Shawbrook’s new platform and have been truly impressed by how quickly this case was completed.

Using the platform made the process very easy and enabled us to please t our client with a process significantly quicker, and considerably more straightforward, than they were expecting.

For our own business, using Shawbrook’s platform will free up more of our time so that we can help more clients with their needs.

It’s truly a win-win-win, and we’re excited to see the platform develop further over the course of the next few months.”

Lisa Baker, Senior Manager – Underwriting and Support at Shawbrook adds

“The new platform has significantly streamlined the process up to formal offer. Combine that with our pragmatic approach and the close working relationship we have with Commercial Expert, and this is the result.

This was a great team effort from everyone involved and a fantastic result for the customer!”