Tuscan Capital fast-track process slashes turnaround and completion times

The lender introduced the fast-track process in July this year and allows an automatic valuation model to be used as an alternative to a RICS property valuation and inspection.

Hometrack data supports the client’s estimated value or purchase price.

The AVM can be used up to 70 per cent loan to value (LTV) for purchase and 60 per cent LTV for refinance up to £750,000 valuation.

Higher value properties can be underwritten with a desktop valuation, and title and search indemnity insurance can be used.

Credit-approved term sheets are also issued within four hours of enquiry.

Personal guarantees, which mandate all parties need to have independent legal advice, are not required on cases at 65 per cent LTV and below.

The lender said that its average turnaround time since its fast-track process was introduced was 41 days and purchase took 23 days. The fastest deal completed was in seven working days.

AVM and desktop valuation have been used in over a third (35 per cent) of completed cases since July and loan enquiries were 26 per cent higher than in the fist six months.

There was also a 38 per cent increase in conversion rates, Tuscan Capital said.

Tuscan: ‘Real evidence of fast-track advantages’

Colin Sanders, chief executive officer at Tuscan Capital, said: “When we introduced fast-track we knew that many of our bridging loan customers would benefit from both cost and time savings. That said, we’re delighted to release these statistics which provide real evidence of the advantages from using fast-track

“At a time when bridging cases are taking longer to complete, we’re delighted to be bucking the trend. We’re equally pleased by its positive effect on completion rates.”

He added: “We’re not standing still, however; we recently added another underwriter to our team to improve our service and have further new appointments planned for the new year.

“I don’t think it’s an exaggeration to say that right now, Tuscan Capital has market-leading service and highly competitive pricing, which add up to make a very strong bridging proposition.”