Birmingham Midshires Commercial has launched an online facility enabling businesses to apply for c...
Birmingham Midshires Commercial has launched an online facility enabling businesses to apply for commercial mortgages via the internet.
The specialist commercial lender will offer mortgages of up to £10m through the application facility which was to launch by the end of January.
The service, which will target owner-occupiers, residential investors and commercial investors, is to be fully supported by a team of 100 commercial lending specialists via a phone helpline. As the volume of calls increases, the company plans to start utilising an additional phone line, Birmingham Midshires Direct, which is already in place.
According to the company, which is a specialist commercial lender for the Halifax Group, the development will help release company's time so they can concentrate on running their businesses.
The mortgage provider expects other players in the commercial market to follow suit.
Steve Elwis, head of business acquisition at Birmingham Midshires Commercial, said the company had recognised a clear need in the industry for an online application facility and that this move has put them in a unique position to bring innovation to the commercial market.
He said: "Sourcing finance can consume a great deal of time, a commodity many people who are running businesses do not have in abundance. This exciting new development is quick and easy to use at the customer's convenience. And for those who need further advice or information, an experienced team is on hand to answer any questions and guide them through the application process."
The application facility is at www.bmcommercial.co.uk.
At the same time, the eXchange is set to launch a range of mortgage services which will include access to exclusive products and enhanced procuration fees.
The new services have been designed to add to and enhance the group's existing mortgage sourcing system, and will be available at no extra cost to all subscribing members once they have registered for them online. The services are currently being piloted with a number of intermediary firms and the official launch date is expected to be announced in early February.
Chris Baker, head of product management at the eXchange, said: "We have been working for six months to give our users the same access to mortgage products as other systems, but better, faster and cheaper. We wanted to produce a more automated set of services."
Following the launch intermediaries will be able to access a range of more than 50 exclusive products from a panel of 12 lenders, in addition to all the current mortgage facilities available, and users will not have to commit to any specific levels of business. All the exclusive products come with enhanced procuration fees, and the online application tracking service has been improved so that brokers can monitor case progress through the eXchange's mortgage processing centre.
A mortgage helpdesk is also in place to help place harder cases.
Baker added: "In the future we would like to extend the panel, and are keen to work with more lenders who are trying to automate the application process."
There are also a number of special offers available on mortgage-related services, such as easier2move.co.uk. The website will be offering a 10% discount on its conveyancing service.
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