Allica Bank partners with Westcor International to launch title indemnity insurance and cut application times

Allica Bank, a UK-based bank specialising in supporting established SMEs, has entered into a partnership with Westcor Internationa to launch their Perfect Title insurance product across its commercial mortgage range starting from 1st July 2024.

Source: Fintech Global

The primary goal of this partnership is to significantly reduce lending times for new property purchases valued up to £1.5m with a loan-to-value (LTV) ratio of up to 60%.

The initiative will also extend to any refinance application, regardless of the loan amount or LTV, aiming to streamline the legal process and expedite mortgage completions.

Adam Preston, senior operations manager for commercial mortgages at Allica Bank, expressed enthusiasm about the partnership, commenting, “We’re delighted to introduce Westcor’s Perfect Title insurance into our commercial mortgage proposition. This is going to have huge benefits for clients and our brokers enhancing both the speed and certainly of the transaction.

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