"The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible."
Allica Bank has partnered with national commercial law firm, Freeths, to drive lending speed and improve transparency for brokers and their SME clients.
The legal firm’s expertise and additional operational capacity will help improve lending efficiency at the bank as it aims to support UK SMEs with the funds they need to purchase or refinance commercial property.
Freeths is a top 45, £100m+ turnover, commercial law firm with 12 officers across the UK.
Allica recently increased its commercial mortgage maximum loan size from £3 million to £5 million following feedback and requests from brokers. Allica’s maximum asset finance loan has also been increased from £250,000 to £500,000.
Nicola Tunney, head of operations at Allica Bank, said: “The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible. Partnering with one of the UK’s leading commercial law firms gives us significant additional capacity to manage the pipeline, keep brokers well informed and drive completion volumes.
“We are delighted to be working with a firm whose values and commercial pragmatism are aligned so closely with our own, and one that is committed to delivering a fast and effective service to our broker partners. This move, along with other recent enhancements to our operational processes, will ensure that brokers can remain confident of top-quality end-to-end service across the entire loan journey.”
Real estate partner at Freeths, Jon Smart, added: “We are delighted to have been appointed by Allica. Our personalities and ethos are a great match. Real estate partner, Lucy Bradban, and I will lead our cross office team. We are relishing the prospect of helping the bank in its next phase of expansion.”