Natwest automated loan approval
Recently NatWest announced plans to launch a new automated lending process that aims to provide credit-approved decisions in as little as 45 minutes for property investment and development companies.
The automated process will be accessible for customers applying to borrow up to £2 million for commercial and residential investment and residential development. Once the loan is approved, the bank's panel surveyors will undertake the property valuation within a maximum of 10 days and, in certain circumstances, customers will be free to use their own solicitors which will reduce the time it will take to drawdown funds from months to weeks.
This latest development is an important example of how FinTech and automation will change the face of banking in the near future. A topic we discussed in our article from January this year.
Should you need any advice or support on commercial borrowing, our banking team (complemented by our Commercial Property department) is well placed to assist, with extensive experience of property investment and development transactions.