Maslow Capital speeds up bridging with Westcor partnership
Maslow Capital, the specialist bridging and development finance lender, has partnered with Westcor International.
The partnership will introduce Westcor’s Perfect Title insurance to Maslow’s residential bridging loans in England and Wales, as well as a new automated valuation model (AVM) route on loans up to £1m. The policy provides insurance-backed protection against specified title risks.
The lender said this partnership will reduce delays during the legal and valuation process.
Maslow added that a single fee will cover both the AVM and asset manager inspection, on top of a fixed scale for legal fees that correspond to the size of the loan.
The route is available on loans of up to £1m at up to 75% gross loan to value (LTV) for purchases and 60% gross LTV for refinances.
The process was said to be particularly beneficial for auction cases, which are limited by fixed completion deadlines.
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Josh Astbury-Dennis, head of schemes at Westcor International, said: “For brokers, the result is a more efficient legal process with less potential for delay and improving the prospects of completing on time, particularly for auction purchases.”
Mark Posniak (pictured), managing director of short-term finance at Maslow Capital, said legal work was often the biggest cause of delay in bridging transactions and that the partnership with Westcor would help reduce friction through an insurance-backed solution.
“We have deliberately made the title cover available on full valuation cases as well as those using our new AVM route, so the benefits are not limited to transactions using an automated valuation. Together, these enhancements give brokers a faster, simpler and more predictable process.”
