NatWest and Royal Bank of Scotland (RBS) have unveiled plans to launch a new automated lending process for commercial real estate developers and investors.
The new service will allow the British financial institutions to make lending decisions of up to £2m for commercial and residential investment and residential development in as early as 45 minutes.
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NatWest and RBS have also appointed a panel of national surveying firms that will conduct a maximum 10 day turnaround for completing valuations. Users will also be able to appoint their own solicitors in specific cases.
The new lending model is scheduled to be rolled out across the nation later this month after a pilot phase in Liverpool and London.
NatWest and RBS managing director of real estate finance Paul Coates said: “We are determined to provide our customers with a better and more efficient service that will in turn provide them with a greater level of clarity and certainty for their development or investment plans.
“Throughout this process, our guiding principle was to take the pain out of property finance. We have spent the past six months stripping out anything in the process that is not vital to delivering an efficient service for customers while providing adequate protections for both parties.”
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