Allica Bank adds Freeths to legal panel to boost lending speed
Allica Bank has partnered with national, commercial law firm, Freeths LLP, as it continues to drive lending speed and improve transparency for brokers and SME customers. The legal firm’s expertise and additional operational capacity will help improve lending efficiency at the bank as it aims to support UK SMEs with the funds they need to purchase or refinance commercial property and grow.
Freeths LLP is a top 45, £100m+ turnover, commercial law firm with 12 officers across the UK. The legal real estate team numbers around 150 staff, offering a real depth and breadth of expertise. The partnership forms part of Allica’s mission to listen and respond to what brokers are saying and need.
Nicola Tunney, Head of Operations at Allica Bank, say that the conveyancing portion of the broker funding journey is often where lenders fall down: “The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible. Partnering with one of the UK’s leading commercial law firms gives us significant additional capacity to manage the pipeline, keep brokers well informed and drive completion volumes.” she says.
“We are delighted to be working with a firm whose values and commercial pragmatism are aligned so closely with our own, and one that is committed to delivering a fast and effective service to our broker partners. This move, along with other recent enhancements to our operational processes, will ensure that brokers can remain confident of top-quality end-to-end service across the entire loan journey.”
Real Estate Partner at Freeths, Jon Smart said, “We are delighted to have been appointed by Allica. Our personalities and ethos are a great match. Real Estate Partner, Lucy Bradban, and I will lead our cross office team. We are relishing the prospect of helping the bank in its next phase of expansion”.
The appointment coincides with a decision to further increase its commercial mortgage maximum loan size from £3 million to £5 million following feedback and requests from brokers. Allica’s maximum asset finance loan has also been increased from £250,000 to £500,000. The bank says it has a joint mission with brokers to help more SMEs gain access to the finance they need to grow, and this is part of an ongoing journey to expand its broker proposition in the UK.
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