Hope Capital has completed its first case using an automated valuation model (AVM) on a residential property in Kent which was purchased at auction.
As a result, the borrower needed access to funds quickly and a loan for £163,350 at 55 per cent loan to value (LTV) was issued within seven working days from enquiry to completion.
Synergy Commercial Finance advised on the loan and Hope worked directly with the borrower to speed the application process up.
Piotr Twaits, sales director for Synergy Commercial Finance, said his team had worked well with Hope Capital, and the lender had been able to deliver quickly when necessary.
Hope Capital CEO Jonathan Sealey (pictured) added: “Embracing this technology means we are able to complete loans much more quickly where necessary, without waiting for a full valuation.
“With Synergy, we also knew we were working with a trusted partner, and were able to progress the loan rapidly as a result.”
Meanwhile, Catalyst Property Finance is now accepting short form valuations.
These are available for residential properties in major cities with a value up to £500,000 nationally or £750,000 in London, with light refurbishment allowed.
Catalyst Property Finance head of credit Matt Gillon promised there would be further innovation from the lender.
“We are always looking for ways to improve our bridging finance proposition for our broker partners and their clients,” he said.
“We have a number of new improvement initiatives to announce in 2020 and into 2021; the first being the acceptance of short form valuations for suitable properties.”
He continued: “One of the benefits is that they speed up the loan application process, typically by two to three days, which is a huge advantage for those borrowers needing quick access to finance. What’s more, there’s a real cost saving for borrowers.”