Shawbrook release December SLA results
Bank still setting the trend by being the only lender to openly publish these figures
Shawbrook Bank’s Commercial Mortgages division has today released its service level agreement (SLA) figures for December, providing statistics across their range of products for the last month of 2015.
Over the course of the month the Bank was able to process a total of 3863 items, comprising 2819 term loans and 1044 short term loans, a steady performance despite an expected slowdown across the Christmas and New Year period.
Processing times maintained their impressive November performance, with 99% of term loan new applications dealt with in 72 hours or less, while 86% of short term applications were responded to within 4 hours. 100% of all short term applications were processed fully in under 48 hours.
Valuation times saw a continued improvement in December, reflecting an upward trend which has been sustained since additional resource came on board in October. Reduced turnaround times were achieved across all but one area of Valuations:
- Business Valuations: 8.50 days (November- n/a)
- Commercial Valuations: 9.55 days (November – 10.10 days)
- Residential Valuations: 6.30 days (November – 6.34 days)
- STL Commercial Valuations: 9.14 days (November – 8.00 days)
- STL Residential Valuations: 3.50 days (November – 4.00 days)
- STL Refurbishment Valuations: 4.58 days (November – 5.30 days)
Pure Law, Shawbrook’s legal partners were able to finish 2015 on a strong note, with 29% of non-rep refinance term deals turned around in 10 days. Particularly impressive was the marked improvement in term rep refinance figures, with 18% of deals processed in under 10 days compared to 3% from November.
Karen Bennett, Sales and Marketing Director of Commercial Mortgages at Shawbrook Bank commented:
“It is reassuring to see that our panel of Broker Partners and Shawbrook teams succeeded in finishing 2015 in such a positive way. We still see these monthly statistics as essential in forging an ever closer relationship with our Broker Partners, ensuring clarity for their clients whilst providing key data on our performance. With the recent launch of our expanded Residential Investment range, everyone at Shawbrook is excited to see how this impacts on our SLA results for January”.