Recognise Bank brings on VAS Panel to speed up SME lending applications

VAS Panel will provide valuation management services for all of Recognise’s property lending, which covers bridging loans, commercial property loans and professional buy-to-let loans following a “detailed tender process”.

VAS Panel has access to over 200 valuations firms, which covers more than 250 regional offices.

Recognise said that this would “help significantly reduce approval times” for SME lending applications.

James Meigh, director of business development for Recognise Bank, said: “Appointing VAS Panel will further improve our commercial lending proposition, providing us with access to a much wider group of specialist valuers.

“VAS Panel’s excellent coverage and service means that the valuation process will be much quicker for all our lending customers, significantly speeding up turnaround times.”

He added: “With commercial finance, speed and reliability are some of the most important factors as borrowers and brokers need to move quickly and confidently.

“Our personal approach already means we are responsive to a customer’s needs and can provide flexible funding solutions, but the implementation of VAS Panel shows that we have been listening to advisor feedback and have taken steps to speed up the process as well.”

Selection ‘a real honour’

Stephen Todd, chief commercial officer and co-founder of VAS Valuation Group, said: “Recognise Bank’s tender process was extremely thorough and considered all aspects of the business’s people, processes, quality control, customer service and service level agreements, so to be selected in a competitive pitch process to provide all panel management services is a real honour.

“We will continue to invest in our experienced team and award-winning technology to support our customers. We very much look forward to working closely with our new partner Recognise Bank over the coming months and years and supporting them in their continued growth.”