Specialist lender Together has introduced a two minute application process for brokers using its online portal My Broker Venue.
Previously it took brokers 30 minutes to go through the application stage, the lender said, but now intermediaries can generate a quote in 60 seconds and receive an offer in two minutes.
Rates have also been cut, as semi-commercial and commercial products now start from 0.95% and 1% per month, residential rates start at 0.65% and refinance rates begin at 0.75%.
Marc Goldberg, commercial chief executive at Together, said: “Following feedback from our broker partners, we’ve taken steps to enhance both our products and our processes in relation to our bridging finance offering.
“We’re confident that the new streamlined process, combined with our low rates, will help us to assist brokers with even more bridging applications and to deliver the short-term finance customers are looking for.”
In other changes Together has increased the maximum loan size on its regulated bridging products from £1m to £2.5m up to 50% loan-to-value.
For auction property purchases there will be no lender’s legal fees and a free valuation scheme available on loans up to £500,000.