Aspen Bridging now aims to take the majority of business from enquiry to completion in just three to 10 days.
Based on a number of caveats, which assumes immediate valuation and legal payment, no building surveyor, property access and quick response times from all parties, the decision is supported by figures showing 81% of cases are currently completed within 10 working days when the stipulations are met.
The lender promised to supply a fully-costed quote in the first 15 minutes and will move from a submitted DIP to a post-search DIP in a maximum of three hours.
The initial online enquiry through to post-search DIP has been created to ensure that every agreed application has the maximum chance to reach completion should the information provided remain consistent.
At present 93% progress to post searches with later fall-off largely coming through customers withdrawing or down-valuations.
All steps in the process are controlled through a philosophy of one person per case, site visits from the experienced underwriting team to every property at valuation stage.
Other steps include close partnerships with third-party firms such as valuations specialist VAS Group and expert solicitors including Fieldfisher LLP and Brightstone Law.