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NatWest Bank has initiated a new lending process for small time commercial property developers and investors. Individual, private property investors will now potentially be able borrow up to £2m in a matter of minutes through credit approval decisions.
The future investor must provide all necessary information on the asset scheme under examination. According to NatWest, costumers should receive a credit-approved decision at the end of a short meeting lasting no longer than 45 minutes. The bank has appointed several national surveying firms to inspect these ‘small’ investment cases. This will speed up the process in order to get developments and investments under way.
George Osborne’s consent to convert commercial units into residential developments has increased the amount of small investment cases in the UK, especially in London. Eugene O’Sullivan, Managing Director at Morgan Pryce, suggests; “There is now a shortage of stock for commercial units in London, and NatWest’s modern take on investment is a great initiative to replenish the commercial real estate investment market”.
“Historically, the lending process for a straightforward investment or development project can be somewhat complex. However, NatWest have spent the past six months stripping out anything in the process that is not vital or will slow down the lending process for the customer. The lenders are aiming to eventually enable a fully digital-led process in the future.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.