Atelier introduces new, speedier loan application
The specialist lender Atelier has overhauled its application process to increase efficiency while maintaining the rigour of its credit standards.
Rather than having to go through a lengthy, one-size-fits-all form, registered brokers applying to Atelier on behalf of a property developer can now upload their own documents to provide all the required information.
Atelier, which has kept its interest rates unchanged following last week’s Bank of England announcement, has now reimagined the application experience – making it more personalised and cutting the number of questions applicants must answer by an average of 76%. The easy-to-use system allows brokers to communicate the essential information – from the scheme’s GDV to the cost schedule and exit strategy – their own way, by uploading documents they have already agreed with the developer.
The changes dramatically reduce the time and repetition involved in completing a conventional finance application – whether online or on paper – while retaining the rigour and precision of Atelier’s underwriting process.
Once Atelier’s indicative terms have been accepted by the prospective borrower, uploading all the documents needed to complete the digital application can be completed, and signed in minutes, by people in multiple locations.
Simon Dawson, head of technology at Atelier, commented: “Loan application forms have traditionally been designed to standardise data capture and digital forms have only moved the process online rather than make it less onerous.
“At Atelier we’re doing things differently. We’re putting developers and their brokers in the driving seat, saving them time and effort and empowering them to give us the information we need in a format tailored to their specific scheme.
“Experienced property professionals typically create detailed packs of information on a scheme before applying for finance. So rather than having to repeat themselves needlessly on a long application form, with Atelier they can upload their documents directly to us.
“Our due diligence and KYC processes are as thorough as ever, and when a project isn’t right for us, we will give a prompt and polite no. But in the current market, developers applying for finance need speed and certainty above all – and our new, streamlined application process is designed to provide both, right from the minute we issue indicative terms.”
Peter MacAllan, founder of Development Capital Solutions, added: “Atelier’s digital offering has cut out a lot of duplication and form-filling, making it easier to get even the most complicated deals moving quickly. Being able to upload documents and information all in one place, even when I’m on the move, gives me confidence that my deals are going to progress at pace and deliver the right outcome.”