The Royal Bank of Scotland and its NatWest subsidiary are introducing an automated process that will see them make commercial real estate lending decisions of up to £2 million in just 45 minutes.
Following a pilot in London and Liverpool, the new process is being rolled out across the UK for all new applications for customers who want to borrow up to £2 million for commercial and residential investment and residential development.
Customer who provide the necessary information on the asset or scheme in question as well as the management team’s track record, will receive a credit-approved decision at the end of a call that should last no longer than 45 minutes.
Paul Coates, MD, real estate finance, NatWest and RBS, says: "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.
"As we continue to streamline and simplify the process, we’ll be able to enhance its automated elements and eventually enable a fully digital-led process in the future."