Can commercial property lenders make their real estate transactions more efficient?
Banks, secondary lenders and others who provide commercial property finance for purchasing, re-mortgaging or developing property, are always looking at ways they can make their transactions more efficient.
Rix & Kay’s specialist commercial property team has developed a Property Finance Tracker, a tool that helps optimise property finance transactions for commercial lenders.
Increasing the speed of property finance transactions
When providing finance to borrowers, parties normally want the transactions to complete as quickly as possible. Rix & Kay’s Property Finance Tracker provides a simple and interactive ‘traffic light’ tracker that highlights the key requirements of a transaction’s due diligence process. The tracker makes clear every requirement, highlighting those that have been satisfied and those that could cause delay.
Increasing transparency of property finance transactions
Providing complete transparency on a transaction is often key to reducing the time transactions take to complete. Our tracker provides a single reference point that allows commercial agents and their clients to track the progress of their transaction by detailing information such as the date an enquiry was raised and when the reply was provided; who is holding up the transaction; and who needs to be chased.
Reducing commercial property lenders exposure to risk
In the event of default, commercial property lenders will always want to ensure they can recover the finance provided. Rix & Kay’s Property Finance Tracker keeps a record of all the key requirements of any one transaction. Not only does this ensure that there is less chance that a vital piece of information is overlooked or missed, it also ensures that commercial lenders have access to all the information they need in a digestible format, helping to make a more accurate appraisal of any risk.
Helping to improve client satisfaction
We know how important it is for lenders to deliver a great client experience and believe we have an important role to play in supporting those values. Our Property Finance Tracker fosters an environment of transparency, clear communication and engagement. It helps to get deals done quickly and can improve commercial lenders’ own client satisfaction levels.
If you are a commercial lender who is considering providing finance to a commercial borrower for purchasing, re-mortgaging or developing a property, please contact: