Allica Bank, a UK-based bank specialising in supporting established SMEs, has entered into a partnership with Westcor Internationa to launch their Perfect Title insurance product across its commercial mortgage range starting from 1st July 2024.
The primary goal of this partnership is to significantly reduce lending times for new property purchases valued up to £1.5m with a loan-to-value (LTV) ratio of up to 60%.
The initiative will also extend to any refinance application, regardless of the loan amount or LTV, aiming to streamline the legal process and expedite mortgage completions.
Allica Bank, since its launch, has lent over £2bn to established SMEs and achieved its first full-year profit as reported in their 2023 annual results.
The bank is committed to enhancing its services for clients and brokers by incorporating Westcor’s innovative title insurance product.
Westcor International, known for its market-leading title insurance solutions, has developed the Perfect Title insurance product specifically for the commercial mortgage market.
This product aims to reduce the legal questions involved in the application process, allowing Allica Bank to speed up the completion of mortgage transactions.
This collaboration between Allica Bank and Westcor International is expected to bring significant benefits to clients and brokers.
The reduced lending times and streamlined processes will enhance the speed and certainty of transactions, improving the overall borrower experience.
Adam Preston, senior operations manager for commercial mortgages at Allica Bank, expressed enthusiasm about the partnership, commenting, “We’re delighted to introduce Westcor’s Perfect Title insurance into our commercial mortgage proposition. This is going to have huge benefits for clients and our brokers enhancing both the speed and certainly of the transaction.
“Westcor International has developed an innovative and very relevant product for the commercial mortgage market. Working with Christopher Taylor, Josh Dennis, and the Westcor team over the past few months has been a truly collaborative process, and we are delighted to get this change live for brokers and their clients. We’re also very grateful to our broker panel for their feedback and input to help us get this right.”
Christopher Taylor, corporate development director at Westcor International, highlighted the value of this collaboration, saying, “We know how important speed, clarity and mortgage security are to Allica Bank. That’s why we’ve worked together to introduce our Perfect Title insurance policy into the bank’s product line ensuring that these elements remain at the core of their proposition, allowing Allica Bank to accelerate mortgage completions, whilst improving the borrower experience.
“It’s a fantastic opportunity to play a part in enhancing Allica Bank’s award-winning proposition with our market-leading title insurance product, and we look forward to growing our partnership together.”
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