Shawbrook completes term loan just eight business days after issuing the Application in Principle (AIP)

04 May 2017

The Bank’s “E-AIP” application service played a pivotal role…

The Commercial Mortgages Business at Shawbrook Bank has recently completed a Residential Investment loan for a client of “Strategic Broker Partner” Springview Finance, on its RI0.1 product. The gross loan value was £378k at 57% LTV, on a 30 years interest only term with the funds being used to purchase another property.

After receiving the application on the E-AIP portal on a Sunday evening, the system immediately provided an Indicative Mortgage Offer (IMO) for the broker to send to the customer, completing the loan a mere eight business days later.

By using E-AIP, Springview Finance could submit the application outside of traditional business hours and still receive an instant IMO for their client. Highlighting the ongoing popularity of this service, E-AIP has been a big hit with brokers since its introduction in April 2016. It is available across the Bank’s Residential and Commercial products and, for all cases that do not receive an instant IMO, a Shawbrook underwriter personally contacts the broker within 4 hours to explain why and discuss next steps.

With the client paying the commitment fee promptly and Shawbrook’s in-house legal panel Pure Law tying up any remaining loose ends, the loan was able to progress to completion within an impressively short timeframe.

The broker, Isaac Reich of Springview Finance comments:

“What marks this case out is the sheer speed of completion – a mere eight business days between the initial application and funds being released to my client’s bank account – which understandably made a great impression on them. This is typical of the speed and efficiency I have come to expect of Shawbrook.

“The fact I received an instant IMO for my client on a Sunday evening is another significant benefit. The bank’s E-AIP system has delivered on the promises made, allowing me to conduct business at a time and place convenient to my needs.”

Sales Director at Shawbrook Commercial Mortgages Emma Cox adds:

“We are thrilled to provide such a quick and efficient case journey for this customer. I am also especially pleased by the fact that Springview Finance benefited from using the E-AIP online portal, designed to provide a hard, credit-backed IMO for our brokers’ clients.

Clearly, E-AIP is doing its job but we will not be resting on our laurels. Our teams are working hard behind the scenes on a number of initiatives to improve this service further.”