Tuscan Capital revamps short-term proposition with introduction of Fast Track process
28 June 2022
Tuscan Capital, the short-term property finance specialist, has announced the relaunch of its Residential Bridging proposition with the addition of its new Fast Track process.
It expects the enhancements to significantly speed up the application process for most bridging cases.
Fast Track utilises a new valuation process, where an AVM is used to decide whether a desktop or short-form valuation can be used.
Title insurance and search indemnity insurance can be utilised to speed up an application and credit-approved term sheets can now be issued within four hours of an enquiry.
Meanwhile, Personal Guarantees, which require all parties to have independent legal advice, will no longer be required on cases at 65% LTV and below.
In addition, a new Know Your Customer (KYC) smartphone app can be used to upload documentation for client identity purposes in seconds, further reducing time and paperwork for the broker.
The highlights of the Fast Track process are as follows:
- Credit-approved term sheets issued within four hours of enquiry
- Desktop valuations can be considered
- Easy to use KYC app
- Title insurance and search indemnity can be used to avoid delays
- No Personal Guarantee required up to 65% LTV
- Legal documents can be executed remotely using video technology
- Asset-based underwriting approach
- Common sense/logic check for the exit strategy.
As well as introducing Fast Track, Tuscan Capital has also reduced its lowest headline bridging rate to 0.64% pcm.
Colin Sanders, CEO at Tuscan Capital, said:
“With the introduction of these Fast Track improvements, we have really decluttered the process for the broker and focused on making the customer journey much more efficient.
“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.
“While we’re really pleased with these enhancements, in no way do they represent the end of our drive to make our processes as efficient as possible. In fact, today’s news is the first announcement in a series of process innovations that Tuscan Capital will be unveiling over the coming months.”
