The bank has removed the requirement providing enough information is gathered from the credit search.
Shawbrook Bank’s commercial division has changed its criteria so bank statements are no longer required on rollup short-term loans.
The bank has removed the requirement providing enough information is gathered from the credit search.
Shawbrook has also redefined the required experience for STL products 1-5 to ‘relevant experience’ rather than a prescriptive standard.
Karen Bennett, sales & marketing director for Shawbrook Commercial, said: “The changes will shorten the time it takes to evidence cases and therefore streamline the process for brokers.
“We realised that some of our conditions for short term-cases have been considered, on occasion, a little rigid by brokers.
“By updating our criteria, especially around what is classified as ‘relevant’ experience we are providing our broker partners with a streamlined service which will increase confidence in our offering, as well as improving the case journey on STL submissions.”
Shawbrook has made two other changes: On STL products 6-9 Shawbrook Commercial will accept borrowers who worked on similar projects in the last five years, rather than two as was the case previously.
And the bank no longer needs to validate the client's experience in the development market where the bank’s exit is development finance.
