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Allica Bank and Westcor International unveil Perfect Title insurance

Allica Bank has teamed up with Westcor International to launch ‘Perfect Title,’ a title indemnity insurance product designed to slash application times and simplify legal processes, promising a faster and more secure experience for borrowers.

  • Editorial Team
  • July 2, 2024
  • 3 minutes

Allica Bank has announced a strategic partnership with Westcor International to introduce a new title indemnity insurance product, “Perfect Title,” aimed at streamlining the commercial mortgage process.

This collaboration is set to significantly reduce application times and simplify the legal steps involved, enhancing transaction speed and security for borrowers.

The Perfect Title insurance product will be available for property purchases up to £1.5 million with a loan-to-value (LTV) ratio of up to 60%. It will also apply to refinancing applications, regardless of the loan amount or LTV.

By reducing the number of legal questions involved, Allica Bank anticipates that applications could reach completion within weeks after the legal process is initiated.

Adam Preston, Senior Operations Manager for Commercial Mortgages at Allica Bank, expressed his enthusiasm, stating, “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 certainty of the transaction.”

“Westcor International has developed an innovative and very relevant product for the commercial mortgage market. Working with Christopher Taylor, Josh Dennis, and the Westcor team over the past few months has been a truly collaborative process, and we are delighted to get this change live for brokers and their clients. We’re also very grateful to our broker panel for their feedback and input to help us get this right.”

The partnership aims to address the critical need for speed, clarity, and mortgage security in the commercial mortgage market.

Christopher Taylor, Corporate Development Director at Westcor International, highlighted the value of this collaboration, saying, “We know how important speed, clarity and mortgage security are to Allica Bank. That’s why we’ve worked together to introduce our Perfect Title insurance policy into the bank’s product line ensuring that these elements remain at the core of their proposition, allowing Allica Bank to accelerate mortgage completions, whilst improving the borrower experience.

“It’s a fantastic opportunity to play a part in enhancing Allica Bank’s award-winning proposition with our market-leading title insurance product, and we look forward to growing our partnership together.”

This announcement comes on the heels of Allica Bank’s impressive performance, as revealed in their 2023 annual results. The bank has lent over £2 billion to established SMEs since its inception and achieved its first full-year profit.

Additionally, Allica Bank has been recognised as the fastest-growing business in the UK, with annual sales increasing more than sixfold on average over the past three years.

This partnership with Westcor International is expected to further solidify Allica Bank’s position as a leader in the commercial mortgage market.