LendInvest’s development finance team has streamlined its drawdown processes and brought in more standardisation to adapt to the Covid-19 crisis.
Since joining LendInvest in March 2020 as operations manager for development finance, Gemma Squirrell said she bought an element of standardisation to processes and introduced controls to reduce unnecessary risk.
Squirrell said she also reviewed how the team works and managed to streamline the drawdown process to ensure a quicker release of funds.
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“Standard reminders for insurance expiry and loan expiry support us to open the conversation of redemption or extension options much earlier in the process to ensure borrowers have the comfort of our support,” Squirrell said in a blog on LendInvest’s website.
“By having solid and robust processes the customer experience is a positive one and the risk to the lender is reduced.”
Squirrell said that LendInvest has worked closely with its borrowers to understand how Covid-19 has affected them and their development.
She said many projects have been delayed, for example, due to a halt in construction, but developments can be affected differently and there are many other problems that have never been experienced across the country on every project.
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“We have had to adapt how works were monitored and certified by our professionals, while supporting them and their staff to make sure that no unnecessary risks were taken to ensure staff safety and business continuity for our borrowers and us,” Squirrell said in the blog.
“During Covid-19 we have stayed in even closer contact with our borrowers to ensure that any problems that arise are dealt with swiftly and that they continue to feel supported.”