Specialist Commercial Finance Technology in specialist mortgages Over the last couple of years, the financial press has been full of how the mortgage industry will be transformed by technology. As you would expect, much of what has been reported has either been misinformed or total nonsense. Phrases such as ‘robo-advice’ are thrown around as being the beginning of the end for mortgage advisers. Although there will no doubt come a time when prime lenders will be able to offer a seamless ‘Amazon’ type of experience for plain vanilla mortgages, does anyone expect that in the near future a system will be able to provide advice on specialist mortgage products from numerous lenders, with no human interaction? What is refreshing is a few of the smaller lenders are now adopting an automated way of working with customers, minimising paperwork to the extent where the only wet signature required during the entire process will be on the legal charge. LendInvest is a prime example of this. LendInvest is a new breed of specialist buy-to-let lenders and Specialist Commercial Finance was delighted to be appointed to their packager panel in 2017. Being an established lender in the bridging market, they understand the importance to brokers and customers of quick decisions and rapid finance offers. Their process is therefore simple and works tremendously well. Once we have completed a Decision in Principle on their on-line platform, the customer is emailed a fully completed application form and direct debit mandate. Both documents can be electronically signed and returned within seconds and the property survey is instructed shortly afterwards. Any personal documents needed for the decision process can be easily uploaded onto their platform. Once the application reaches formal offer stage, this is once again emailed to the borrower for an electronic signature and solicitors are instructed. Fast, almost completely paperless and hopefully a system that will be replicated by other lenders in the specialist market. With superb interest rates and rental cover calculations from just 115%, call us free on 0800 810 1444 to see if your next enquiry qualifies for these fantastic new products. CASE STUDY Need: Clients wanted to raise £398,000 against a buy-to-let and a HMO property they owned. The loan purpose was to consolidate £100,000 of unsecured credit and to replace their existing mortgages. Issue: The clients had tried several high street lenders but had been refused due to the purpose of the advance being used to consolidate the unsecured debt. Solution: We discussed the case with LendInvest who were happy to offer the advance in full to clear the existing charges and for the additional £100,000. Terms were agreed with LendInvest at 3.39%. The result: By refinancing with LendInvest the clients reduced the rate of interest they were paying by 1.25%. The clients were able to clear all their unsecured debt, this then reduced their monthly outgoings giving them more disposable income each month. Feedback: Clients gave us five stars and said: “We have been impressed with the service and how efficient the process was.” www.SpecialistHub.co.uk 15
16 Publizr Home