Allica Bank has added the valuation panel management service VAS Panel onto its valuation database for commercial property finance loans.
In line with the agreement, the service will be used on loan security valuations to ensure the most relevant third-party RICS-qualified surveyors are instructed based on location, deal type and value.
To also maintain high reporting standards, VAS Panel will operate their market-leading quality control processes to ensure Allica Bank has the greatest confidence when making lending decisions, as well as providing detailed monthly reports into all activity.
Allica Bank was awarded its banking licence in September 2019 and has grown rapidly since.
In this period many commercial property transactions were unable to proceed due to lender challenges as a result of COVID, Allica stayed open for business and was recently crowned best commercial mortgage provider by trade body for professional intermediaries the NACFB.
Nicola Tunney, head of operations at Allica Bank, said “We’re delighted to be partnering with VAS Panel to help more established SMEs access commercial mortgages.
“The effects of COVID have made accessing loans more challenging than ever and we’re focused on supporting SMEs looking to grow with the finance they need to do so.
“With our combination of local relationships and technology, backed up with the expertise and professional service of VAS Panel, we’re able to deliver an efficient and reliable experience at a time when many banks have been slow to react, or are letting SMEs down.”
Gina May, co-founder of VAS Group, added: “Allica Bank understand exactly how tailored expertise, local relationships and technology can benefit the customer by improving service, efficiencies and outcomes. It is a shared ethos, which is why we have been selected to provide national valuation panel management services.
“We have invested heavily in our team, offices and technology over the last 12 months, despite the pandemic, and the new partnership is a result of our commitment to continuously develop. We are increasingly assisting clients in the term loan space and look forward to a long and successful partnership.”