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

The challenger bank says the service will be used on loan security valuations to ensure the most relevant third-party Royal Institution of Chartered Surveyors-qualified surveyors are instructed based on location, deal type and value. 

VAS Panel says it will use its quality control processes to ensure Allica Bank is “confidence when making lending decisions, as well as providing detailed monthly reports into all activity”. 

Small business bank Allica, which offers commercial mortgages and asset finance among its services, was awarded a banking licence in September 2019.

Allica Bank head of operations Nicola Tunney says: “We’re delighted to be partnering with VAS Panel to help more established SMEs access commercial mortgages. 

“The effects of Covid have made accessing loans more challenging than ever and we’re focused on supporting Small and medium-sized enterprises looking to grow with the finance they need to do so.

“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 adds: “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. 

“We are increasingly assisting clients in the term loan space and look forward to a long and successful partnership.”