Tuscan Capital has added a free automated valuation model (AVM) option to its fast track bridging proposition, which sets out to save borrowers costs and speed up the application process.
The AVM can be used as an alternative to a RICS property valuation and inspection.
This option will be available for purchases up to 70 per cent loan to value (LTV) and refinances up to 60 per cent LTV, up to £750,000 valuation with a confidence level accepted from 4.5.
The fast track offering was launched last month for bridging cases. With the use of AVMs, title insurance and search indemnity insurance, Tuscan claims credit-approved term sheets can be issued within four hours of an enquiry.
Additionally, personal guarantees which require all parties to have independent legal advice are no longer needed on cases at 65 per cent LTV and below.
Richard Deacon (pictured), sales director at Tuscan Capital, said: “This further enhancement to our fast track process means a large portion of our bridging loan customers will benefit from both cost and time savings.
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“Given the challenge in busy valuers’ turnaround times for valuation reports and their increasing costs, we feel that AVMs are becoming of crucial importance to our fast track bridge proposition.
“I believe that if you consider Tuscan’s bridging proposition in the round – its LTVs, price, and flexibility together with the introduction of the AVM policy as part of the fast track process – our proposition truly is market-leading.”