Lancashire Mortgage Corp launches auction product
The product provides brokers with a pre-agreed level of funding against a particular property for their customers.
This allows the customer to bid at auction knowing that the funding is in place on the pre-agreed terms.
LMC has also revised criteria to speed up the broker processing time.
The changes aim to simplify plan selection and provide more guidance for approving commercial lending without referral.
This will increase the speed of applications and increase the potential customer base for brokers.
Gary Bailey, director at LMC, said: “In response to broker feedback, we’ve raised commercial term loan and bridging finance plans to simplify selection and provide greater guidance for acceptability.
“In addition, LMC has taken this opportunity to launch new products that further extend the portfolio of broker’s offerings.”
Bailey said the pre-approved auction purchase product was ideal for property investors who require reassurance that funds are in place.
He added: “This is a service LMC has provided for some 20 years but we feel the time and demand is right for both brokers and consumers to have countrywide access to this service.”