Allica Bank has added valuation panel management service, VAS Panel, to its valuation database for commercial property finance loans.

The service will be used on loan security valuations to ensure the most relevant third-party RICS-qualified surveyors are instructed based on location, deal type and value.

Allica Bank was awarded its banking licence in September 2019 and has seen rapid growth since. The firm stayed open for business during the coronavirus crisis in a period when many commercial property transactions were unable to proceed due to lender challenges

“The effects of COVID have made accessing loans more challenging than ever and we’re focused on supporting SMEs looking to grow with the finance they need to do so,” said Allica Bank head of operations, Nicola Tunney.

“With our combination of local relationships and technology, backed up with the expertise and professional service of VAS Panel, we’re able to deliver an efficient and reliable experience at a time when many banks have been slow to react, or are letting SMEs down.”

VAS Group co-founder, Gina May, added: “Allica Bank understand exactly how tailored expertise, local relationships and technology can benefit the customer by improving service, efficiencies and outcomes. It is a shared ethos, which is why we have been selected to provide national valuation panel management services.

“We have invested heavily in our team, offices and technology over the last 12 months, despite the pandemic, and the new partnership is a result of our commitment to continuously develop.”

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