Tuscan Capital has added an expedited process to its residential bridging loans in an effort to streamline its lending.

The specialist short-term lender says its expedited system uses an automated valuation model to decide whether a desktop or abbreviated valuation should be used.

He adds that title and search indemnity insurance can be used to expedite an application, while credit-approved term sheets can now be issued within four hours of an investigation.

Personal guarantees, which require all parties to have independent legal advice, will no longer be required in cases at 65% loan to value and below.

A new Know Your Client smartphone app can be used to upload documents “in seconds,” further reducing time and paperwork for brokers.

The company adds that the system uses an asset-based underwriting approach and “common sense” logic control for exit strategy.

It also cut its lowest overall transition rate to 64 basis points per calendar month.

Tuscan Capital Managing Director Colin Sanders says, “With the introduction of these accelerated enhancements, we have really de-cluttered the process for the broker and focused on improving the efficiency of the client journey.

“The new approach to valuations will mean a faster process for the vast majority of bridge financing cases, while the introduction of title insurance will be a breath of fresh air for those who need their purchases completed. quickly, like those who buy at auction.

He adds, “Today’s news is the first announcement in a series of process innovations that Tuscan Capital will be unveiling over the coming months.