The changes aim to simplify plan selection and provide more guidance for approving commercial lending without referral. This will increase the speed of applications and the increase the potential customer base for brokers.
As part of the new plans, Lancashire Mortgage Corporation has launched a new ‘pre-approved auction purchase product’, meaning customers can bid with peace of mind.
It also include an auction purchase valuation bypass meaning no valuation is needed for properties less than £150k. The process for approval will be that much quicker and accessible to a wider range of customers.
Gary Bailey, director at Lancashire Mortgage Corporation, said:
“It is important to us that we provide comprehensive solutions to suit all borrowing needs. Working closely with our brokers, we endeavour to deliver simple, effective finance solutions to suit the needs of intermediaries and their clients on an on-going basis.
“In response to broker feedback, we’ve revised commercial term loan and bridging finance plans to simplify selection and provide greater guidance for acceptability. In addition, Lancashire Mortgage Corporation has taken this opportunity to launch new products that further extend the portfolio of broker’s offerings.
"The ‘Pre-approved Auction Purchase’ plan provides the broker with a pre-agreed level of funding against a particular property fortheir customer, this allows the customer bid with confidence at the Auctionknowing that the funding is in place on the pre-agreed terms.
"The Auction markets are particularly active with Buy to Let purchases being dominant, so this new plan is ideal for property investors who require reassurance that the funds are in place.
"This is a service Lancashire Mortgage Corporation has provided for some 20 years, but we feel the time and demand is right for both brokers and consumers to have countrywide access to this service.”
