Tuscan Capital introduces ‘fast track’ process

Tuscan explained that this includes a new valuation process, utilising an automated valuation model (AVM) to determine whether a desktop or short-form valuation can be used.

Alongside this, personal guarantees will no longer be required on cases at 65 per cent loan-to-value (LTV) or below, while a know your customer smartphone app will allow brokers to upload client identity documents more swiftly.

In addition, title insurance and search indemnity insurance can be used to speed up applications, while credit-approved term sheets can be issued within four hours of an enquiry.

Alongside the new fast track process, Tuscan has cut the rate on its lowest bridging loan to 0.64 per cent.

Colin Sanders (pictured), CEO at Tuscan Capital, said that the fast track process had “decluttered” the journey for brokers, making it more efficient. 

He continued: “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.”

The bridging revamp comes after Tuscan secured £150m for short-term buy-to-let lending, while it also launched into commercial bridging at the start of the year.