In a move designed to significantly speed up valuation turnaround times and enhance broker confidence, digital SME lender and savings provider Recognise Bank has appointed VAS Panel.
Following a detailed tender process, VAS Panel will provide valuation management services for all of Recognise Bank’s property lending, including bridging loans, commercial property loans, and professional buy-to-let loans.
This partnership will help to considerably reduce approval times for SME lending applications.
VAS Panel, part of the VAS Valuation Group, offers a comprehensive valuation, project monitoring, and panel management service.
Recognise Bank will gain access to over 200 valuation firms across more than 250 regional offices.
This extensive database will be used in core geographical areas to ensure that the most suitable RICS-qualified surveyors are instructed for Recognise Bank cases based on location, deal type, and value.
James Meigh, director of business development for Recognise Bank, said: “Appointing VAS Panel will further improve our commercial lending proposition, providing us with access to a much wider group of specialist valuers.
“VAS Panel’s excellent coverage and service means that the valuation process will be much quicker for all our lending customers, significantly speeding up turnaround times.”
Meigh added: “With commercial finance, speed and reliability are some of the most important factors as borrowers and brokers need to move quickly and confidently.
“Our personal approach already means we are responsive to a customer’s needs and can provide flexible funding solutions, but the implementation of VAS Panel shows that we have been listening to advisor feedback and have taken steps to speed up the process as well.”
Stephen Todd (pictured), chief commercial officer and co-founder of VAS Valuation Group, said: “Recognise Bank’s tender process was extremely thorough and considered all aspects of the business’s people, processes, quality control, customer service and service level agreements, so to be selected in a competitive pitch process to provide all panel management services is a real honour.”
Todd continued: “We will continue to invest in our experienced team and award-winning technology to support our customers. We very much look forward to working closely with our new partner Recognise Bank over the coming months and years and supporting them in their continued growth.”
VAS Panel will utilise its market-leading Quality Control processes to maintain high reporting standards, providing Recognise Bank with the highest level of confidence when making lending decisions.
Recognise Bank offers a variety of unregulated business loans, such as commercial mortgages, bridging loans, and professional buy-to-let loans, as well as FSCS protected savings accounts for both personal and business customers.
