In the fast-paced world of lending, delays in completion can be detrimental to both borrowers and lenders alike. At Albatross, we understand the importance of efficiency and timely execution. That’s why we’ve compiled a list of common causes of delay in completion and actionable steps to avoid them. By addressing these issues proactively, you can streamline the lending process with us and ensure smooth transactions for your clients.
Let’s dive into the key factors that often lead to delays and explore practical strategies to overcome them, empowering you to deliver exceptional service and results.
1. Valuation not being paid/organised once instructed
Once we have been given the go-ahead to instruct the valuation the valuer will reach out to your client with an invoice, this needs to be paid ASAP as inspection will not be booked in until payment has been received. If not paid quickly this will likely change the availability the valuer has provided us with and delay receipt of the report.
2. Undertaking not being provided upon instruction of legals
Our solicitor will email your client’s solicitor requesting an undertaking to cover their fees along with our schedule of enquiries. The borrower needs to put their solicitor in funds for the amount noted in our solicitor’s email and the undertaking needs to be provided as soon as possible as our solicitors will not commence working on the transaction until it has been provided.
3. Noting us on the insurance incorrectly and noting Albatross as First Loss Payee
We have two lending entities, the correct one will need to be noted. You can confirm the entity of the loan via anyone at Albatross or via our solicitor on the case.
The entities are Albatross Lending Ltd. OR Albatross Lending 2 Ltd.
We will also need to be noted as First Loss Payee. The second document explains why we need this and how to sort it.
4. Searches not being instructed at the earliest time
Depending on the security we may need searches and these can sometimes take a couple of weeks to come back, so the earlier they can be ordered the better.
We will require full searches for properties that are being purchased and development projects so emphasis should be placed on ordering these at the start of the process.
5. Providing insufficient or incorrectly certified KYC
We require one proof of ID and two proofs of POA, for each borrower/director/shareholder certified by their solicitor.
Ideally, the POA is one bank statement and one utility bill both dated within the last 3 months, if there is an issue with this please let us know and we can see what we can do to assist.
Certified ID needs to note as well as a true copy that the ID is a true likeness to the borrower.
If you encounter any challenges or require guidance throughout the lending process, don’t hesitate to reach out to us. Our team is here to support you every step of the way!