365 Finance cuts application decision times to three hours
The specialist small and medium-sized enterprise (SME) lender assigns at least two underwriters to review each application and offers same-day funding of up to £500,000.
365 Finance is now making decisions on complete applications within three hours as it further strengthens its underwriting credentials.
The specialist small and medium-sized enterprise (SME) lender assigns at least two underwriters to review each application and offers same-day funding of up to £500,000.
The development follows the appointment of George Visser as chief risk officer, who is working alongside Anthony Or, head of underwriting, to refine the firm’s application process.
More than half of 365 Finance’s credit decisions are now fully automated, while a further proportion require only light-touch review.
The lender said this allows its underwriting team to spend more time on complex cases requiring greater judgement.
Or said: “Our underwriting expertise is integral to the quality and speed of service we can provide to SMEs and brokers.
“Same-day funding would not be possible without the team of highly skilled and experienced underwriters we have built over the past decade, and being able to make decisions on applications within as little as three hours is another reason to be proud of the progress we have made.
“Crucially, speed can never come at the expense of rigour. While we can automate and streamline decision-making around very standard cases, we can simultaneously dedicate more time and expertise to more complex applications, ensuring we support SMEs with a wide range of circumstances and needs.
“The end goal is the same: to support the UK’s all-important SME community, delivering fast and flexible finance to alleviate cashflow challenges and enable them to seize growth opportunities.”
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