Property development lender CrowdProperty has rolled out instant Decisions in Principle (iDIPs) to its borrower community for the first time.
Using the platform’s in-house technology and data, property developers will be able to get an immediate response to their funding queries.
“The arrival of our iDIP proposition is a game-changer, providing property developers with the all-important responses they need, when they need them,” said Damon Walford, chief commercial officer at CrowdProperty.
Read more: CrowdProperty secures C$5.25m loan from Canada’s Flow Capital
“Property transactions can be time-sensitive, so every minute that can be saved matters, particularly when you are competing for a site or negotiating with a vendor.
“During a recent pilot exercise, numerous property developers submitted multiple applications due to the exceptionally speedy response.
“We’re focused on accelerating funding provision, enhancing transparency and fostering long-lasting relationships with our clients.”
The iDIPs are powered by Building Underwriting Intelligent Lending Decisions (BUILD), an in-house automated deal appraisal system that taps into the bank of data and analytics collated by CrowdProperty over the last ten years.
Read more: CrowdProperty director warns of rising risks in development finance sector
“BUILD offers an unbiased and accurate appraisal of project risk, enabling us to swiftly provide indicative pricing and progress funding applications with certainty from the outset,” added Damon.
“Our new iDIP leverages our extensive wealth of data insight and technological expertise, and the benefits for developers are a big stride forward within the overall property development finance market.”
The iDIPs will be officially launched on 19 April at the Property Investor Show in London’s ExCel Centre.
