UTB said it aims to encourage the adoption of appropriate smart digital solutions across the specialist finance sector.
United Trust Bank (UTB) and Aprao have partnered to promote the benefits of digital solutions in the development finance sector.
UTB said it aims to encourage the adoption of appropriate smart digital solutions across the specialist finance sector.
As part of the agreement, the bank will be able to accept and consider new development appraisals submitted via Aprao.
Adam Bovingdon, head of property development at UTB, said: "We welcome this collaborative relationship with Aprao and the adoption of appraisal software which enables a consistent and accurate approach to the evaluation of development projects.
“Although many of our customers are using very good self-built appraisal tools, we also recognise that appropriate digital solutions can improve productivity and responsiveness for new development finance proposals. A win-win for UTB and our customers.”
Daniel Norman, chief executive of Aprao, added: "As a relatively new platform in the ‘PropTech’ space, it's important for us to build trust with property professionals.
“By offering a free trial and detailed training videos we can make it incredibly easy for developers to start using the platform right away.
“Most of our customers are up and running the same day they sign up, testing and benefitting from the system before ha having to commit to anything.
“An open and collaborative relationship between lenders, developers, and ‘PropTech’ platforms is important in ensuring that digital solutions serve all parties, recognising their needs and helping to simplify and accelerate the property funding process.”
