The commercial valuation exchange platform will provide Santander with a centralised means of communication with all surveyors on its panel.
Santander is able to instruct members of their panel electronically, while completed reports and updates can be uploaded to the system by surveyors.
Xit2 managing director Mark Blackwell says: “We designed the Commercial Valuation Exchange to meet the different challenges faced by lenders who are operating with leaner teams and need to work as efficiently as possible. Working closely with Santander, we have now developed a platform that gives lenders oversight of the whole commercial valuations process and full control of who is doing what, within intuitive pre-agreed fee scales. It’s a one stop shop for end to end commercial valuation risk and process management and complements our well established residential valuation exchange platform used extensively by lenders across the UK today.”
The platform has gone live with Santander as the only confirmed lender participant but Blackwell says the the aim is to eventually roll out the service to other additional lenders.
Santander head of property risk David House says: “The success of our commercial lending business in difficult times relies on making the right decisions, with accurate and timely information from third parties. Now, with the commercial valuation process from multiple business centres available on a single platform, our teams can gain an overview of activity – while being able to audit any individual case. Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce, while keeping it more secure than ever.”