Shawbrook has announced a new milestone in its asset finance operations, surpassing £100m ($130.96m) in funded transactions, through its auto-decisioning technology.
The company’s Broker Portal has been providing brokers with a streamlined platform to upload and manage cases. It offers swift auto-decisions for flow deals under £250,000.
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Shawbrook’s CapEx Term Loan product, which also benefits from auto-decisioning, has seen substantial demand since its introduction.
This unsecured loan product, catering to both intangible and tangible asset financing up to £100,000, is tailored to support the growth of UK SMEs.
The milestone reached by Shawbrook is partly attributed to the uptake of the CapEx Term Loan.
The product has been a driving force behind the volume of asset finance transactions processed, the company said.
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By GlobalDataThe positive shift in the macroeconomic landscape, coupled with declining interest rates, has spurred an increase in SMEs’ demand for funding.
Shawbrook registered a rise in deal applications, indicating a growing confidence among SMEs in leveraging financing for growth.
Shawbrook digital SME lending managing director Stuart Doignie said: “At Shawbrook, we pride ourselves on our ability to implement cutting-edge digital tools whilst also retaining the all-important human touch with an end goal of creating the best possible experience for both our brokers and the SMEs that turn to us for their funding needs.
“When we integrated auto-decisioning two years ago, we had a vision of creating a portal that greatly speeds up the often-over-complicated decision-making process on deals and we are pleased to report it has been a big success, as today we announce that the £100m milestone has been reached.
“The increasing popularity of our asset finance products is both a testament to the efficiency of our process and a gauge of the appetite the nation’s SMEs have for obtaining funding and growing their enterprises.”
Last month, Financial Reporter reported that specialist mortgage lender Spring Finance completed a new funding line with Shawbrook Bank to enhance its development finance offerings.
