The commercial lending team within Yorkshire Building Society has signed up to EDM Mortgage Support Services’ Commercial VEX product.
The Commercial VEX enables lenders to distribute work to and receive work from qualified surveyors.
Yorkshire BS joins Barclays, Santander and One Savings Bank as clients of Commercial VEX.
Phil Green, head of commercial lending at Yorkshire Building Society, said: “The success of our commercial lending business relies on making the right decisions using accurate and timely information from third parties.
“With the commercial valuation process now available on a single platform, our team can gain an overview of activity while still being able to audit any individual case.
“Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce to support growth in lending.”
The product not only provides a fully transparent, centralised platform for all stakeholders in the commercial valuation chain but significantly cuts down the time and administration required to fulfil successful transactions.
Ian Shaw, business development director, EDM Mortgage Support Services, said: “EDM Commercial Valuation Exchange is designed to meet the different challenges faced by commercial lenders who are operating with leaner teams and need to work as efficiently as possible.
“Working closely with Yorkshire Building Society, our platform gives them the oversight of the whole commercial valuations process and full control of individual tasks.
“It’s a one stop shop for end-to-end commercial valuation risk and process management and complements our well-established residential valuation exchange platform used extensively by lenders across the UK.”