Positive Lending offers free AVMs for bridging loans

The company reported that bridging borrowers would save time, with online valuations generated instantly with no valuation fee.

To qualify for a free AVM, applications must have a maximum purchase price or property value of up to £500,000; a gross loan-to-value (LTV) of up to 50%; and the AVM must achieve a ‘confidence level’ of A, B or C.

Chris Fairfax (pictured), managing director at Positive Lending, said: “This is a double whammy for bridging loan intermediaries; not only will they save their clients time, they’ll also save their clients money, as Positive Lending pays the AVM fee.”

This announcement follows Positive Lending’s first ‘same day’ bridging offer, using Precise Mortgages’ new AVM process, which Positive Lending was the first intermediary to use.

Alan Cleary, managing director at Precise Mortgages, said: “We briefed Positive’s specialist bridging team on our new process and they quickly submitted a suitable bridging loan application.  They understand that brokers and borrowers will select loan options that offer a quick response and good value.”

Precise Mortgages is launching a lower-priced fixed-rate range, following the fall in five and 10-year swap rates, when the UK voted to exit the European Union.