NatWest is set to roll out a new automated lending process that will provide a credit-approved decision in as little as 45 minutes.

The new process covers all new applications for customers who want to borrow up to £2M for commercial and residential investment and residential development.

The new model is set to be introduced nationwide later this month following a successful pilot in Liverpool and London.

To further improve efficiencies in the end-to-end process, NatWest has appointed a small panel of national surveying firms that have committed to a maximum 10-day turnaround for completing valuations. Customers will use their own solicitors in certain circumstances, which will allow them to be able to draw down their funds in a matter of weeks rather than months, as is the norm in the property industry.

The new commercial real estate lending process forms part of the bank’s wider innovation and digital agenda. Earlier this year it launched Esme, a new digital platform that allows small and midsize businesses to quickly obtain unsecured loans of up to £150K. NatWest has also introduced a new online lending platform which will allow small and midsize enterprises to borrow up to £35K in a process that takes around three minutes.

Over the next five years, NatWest is investing £70M to give non-personal banking customers the best digital experience. The New Bankline will give customers a more intuitive, secure and efficient environment to work in. It will reduce the number of steps needed to complete a payment and will automatically compare and show customers the cheapest payment method.