Industry News

EIG and National Westminster Bank co-host an Auctioneer's lunch at Drummonds Private Bank

Publish Date: 18 January 2017

By Beth Fox

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EIG and National Westminster Bank co-host an Auctioneer's lunch at Drummonds Private Bank

Further reading

EIG January 2017 Newsletter - Essential Auction News

EIG February 2017 Newsletter - Essential Auction News

Drummonds Private Bank - Trafalger Square, London
18th January 2017

 

Essential Information Group (EIG) and National Westminster Bank co-hosted a lunch for 15 leading Auctioneers where Natwest launched their new product.

Natwest is piloting a new loans application process, which plans to provide:

"an indicative decision at the end of a 45 mins fact finding discussion with a relationship manger on the phone, followed up with a firm offer by email within 24 hours."

 

David Sandeman, Managing Director of EIG commented:

"We are pleased to be involved with the country's biggest property lender and promoting this very positive initiative for the fast moving auction market."

 

Paul Coates, Head of real estate finance for Natwest said:

"We are piloting a programme for customers who are looking to borrow up to £2m that allows them to apply online and receive the decision the same day."

David Sandeman said:

"The move would empower purchasers, it would not take the place of bridging finance but it would fill a niche in the market for higher value lots". 

 

The event was hosted in the private dining room of Drummonds which is one of Britain's oldest private banks and where the late Queen Mother was a client.