The new tool was created in order to expedite clients’ access to short-term funding.
The new digital tool — available on the lenders’ website — guides users through a series of questions that assess if they qualify for a loan, with results expected to be issues within five minutes.
Together with the lender’s automated application processing, BloomSmith is confident it can confirm loan terms within the hour, and can deliver funding for property investors and developers within a 48-hour timeframe.
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Nigel Smith, CEO at BloomSmith, said: “This new tool is an exciting development in our pursuit of a streamlined, democratised approach to accessing real estate finance.
“By eliminating time-consuming paperwork and lengthy eligibility assessments, we are making it easier than ever for businesses to secure the funding they need to meet their VAT obligations, maintain financial stability, and get deals over the line.
“Having seen a significant upturn in funding enquiries since the stabilisation of interest rates, the introduction of this tool will help clients gain even quicker access to our financial solutions.
“There have been many signs of encouragement for the future of commercial real estate over the past month and automating applications is already helping us gear up towards an exciting 2024.”
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