What’s next for short-term lending technology?

Written by Luke Stevenson

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Embedding technology throughout our lending process has been key to making your deals complete quicker and more efficiently.

Over the last few months we have been working on bringing you a broker portal which will see the application process move completely online for short term loans.

As we approach the testing phase our Head of Lending Operations, Lauren Eaton, has shared more about the project and what it will mean for short-term lending in the future.

Firstly, why are we looking to create a new short-term lending broker portal?

We already have an online portal for our BTL product and brokers like the end-to-end online journey. We wanted to build something similar but more suited to the short-term process.

What will it look like?

Brokers will have your own dedicated login for the portal so they can manage all of their short term deals in one place. The portal will allow them to submit enquiries and applications as well as track the progress of live cases.

It’s easy to navigate around and has lots of features to make completing deals with us easy and hassle free.

What will it mean for me and my deals?

Submitting deals through the portal means brokers can track progress or find out details about loans whenever they need to. Brokers will also have the ability to generate instant heads of terms using our calculator, upload supporting documents and information to a deal.

They can also manage outstanding requirements through a task function and get direct access to underwriters and BDMs through a chat function.

Will it improve processing speed for my STL deals?

Absolutely, the processing of loans on paper applications is not efficient for brokers or the team. Having the process online will allow us to package and instruct valuations quicker.

We have also built a section that will allow brokers to quickly see what remains outstanding on a case, enabling brokers to work on satisfying this quickly with their clients. This should assist with the overall processing speed on loan applications.

What other tech have we recently introduced to improve the service?

We recently integrated a number of our third-party search providers to assist with our case packaging. This will be used on the short-term lending side to enable us to speed up packaging and underwriting decisions. We regularly use Credit Kudos (our Open Banking provider) on BTL and this is something we are looking to introduce on the short-term side.

When can we expect this to go live?

We will be going live in the next few months with the intention for it to be a phased roll out in order for us to take onboard any early feedback.

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