The lender has worked with fintech firm Nivo on this system to enable digital and remote access of every feature of the application process.
The digital product’s features include gathering sensitive documentation from customers via mobile phones and setting up automated messaging with bots to continue processing out of business hours.
In addition, the system incorporates Open Banking and e-signing to simplify the loan process.
- B&C roundtable: Is the second charge bridging market growing?
- MFS completes bridging loans for two auction purchases
- Boris bounce: understanding the property market's reaction to the election result
Steve Barber, managing director at Bridging Finance Solutions, said: “We are constantly exploring new ways where technology can improve our business processes, opening and enhancing channels of communication.
“The introduction of Nivo’s mobile-based onboarding and servicing solution will speed up the process considerably, removing lengthy wait times typically associated with signature-driven documentation.
“While this approach is very much in its infancy, we have completed a number of applications and can see that an average application is taking some five minutes compared to hours when following a traditional route.”