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Allica Bank Partners with Westcor International to Launch Title Indemnity Insurance and Cut Application Times
Allica Bank has partnered with leading title insurance provider Westcor International to introduce their Perfect Title insurance product across its commercial mortgage range from 1st July 2024.
The move will help to significantly reduce lending times for new property purchases up to a maximum value of £1.5 million with an LTV of up to 60%. It will also apply to any refinance application, regardless of loan amount or LTV.
For qualifying applications, the legal process will now involve significantly fewer questions. Allica says applications could now reach completion just weeks after legals being instructed.
This news comes following the release of Allica’s 2023 annual results in April that revealed the bank had lent over £2 billion to established SMEs since it launched and had also achieved its first full-year profit.
Allica Bank’s Senior Operations Manager for Commercial Mortgages Adam Preston said, “We’re delighted to introduce Westcor’s Perfect Title insurance into our commercial mortgage proposition. This is going to have huge benefits for clients and our brokers enhancing both the speed and certainly of the transaction.
“Westcor International has developed an innovative and very relevant product for the commercial mortgage market. Working with Christopher Taylor, Josh Dennis, and the Westcor team over the past few months has been a truly collaborative process, and we are delighted to get this change live for brokers and their clients. We’re also very grateful to our broker panel for their feedback and input to help us get this right.”
Christopher Taylor, Corporate Development Director at Westcor International, said, “We know how important speed, clarity and mortgage security are to Allica Bank. That’s why we’ve worked together to introduce our Perfect Title insurance policy into the bank’s product line ensuring that these elements remain at the core of their proposition, allowing Allica Bank to accelerate mortgage completions, whilst improving the borrower experience.
“It’s a fantastic opportunity to play a part in enhancing Allica Bank’s award-winning proposition with our market-leading title insurance product, and we look forward to growing our partnership together.”
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