Shawbrook Commercial Mortgages release March SLA results
13 April 2016
Bank still setting the trend by being the only lender to openly publish these figures
Shawbrook Bank’s Commercial Mortgages division has today released its service level agreement (SLA) figures for March, providing delivery statistics across their range of products.
Over the course of the month the Bank processed a total of 5815 items, comprising 3948 term loans and 1867 short term loans, with a 12% month-on-month rise from February. With the April 1st deadline for the 3% rise in Stamp Duty in mind, the Shawbrook lending teams saw a huge influx of applications throughout March which resulted in a record-breaking day on Thursday the 31st.
With regard to Shawbrook’s valuer panel performance, a 17% spike in the number of valuations when compared to February resulted in a slowdown for Business Valuations. Nonetheless, turnaround times elsewhere remained stable which, considering the exceptional strain placed on the panel by unique circumstances, is a cause for optimism:
- Business Valuations: 18.00 days (February – 8.50 days)
- Commercial Valuations: 10.29 days (February – 9.94 days)
- Residential Valuations: 6.18 days (February – 6.19 days)
- STL Commercial Valuations: 10.19 days (February – 8.45 days)
- STL Residential Valuations: 3.69 days (February – 3.73 days)
- STL Refurbishment Valuations: 4.41 days (February – 4.35 days)
From a legal perspective, Shawbrook’s partners at Pure Law and Wilson McKendrick weathered a challenging month impressively. Turnaround times improved across all four key indicators, with 44% of non-rep refinance (term) and 21% of short term applications processed in under 10 days being worthy of particular mention.
Karen Bennett, Sales and Marketing Director of Commercial Mortgages at Shawbrook Bank commented:
“March was an unprecedented month in terms of completions for the entire mortgage industry, and we're pleased to report that Shawbrook was no exception. The lending teams alongside our legal partners at Pure Law and Wilson McKendrick worked tirelessly over the Bank Holiday weekend, endeavouring to meet the needs of our brokers’ clients.
This inevitably had some impact on SLA delivery but, overall, the Shawbrook teams can be proud of their dedication throughout this period of change.”
