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Borro offers 48-hour valuation guarantee on bridging deals

by: Edward Murray
  • 13/03/2017
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Borro offers 48-hour valuation guarantee on bridging deals
Secured lending platform Borro has launched a guarantee that valuations for bridging loans will be returned within 48 hours or a refund of the valuation fee will be offered on completion.

The guarantee applies for all properties valued in London and the south east with a maximum value of £3m. The maximum gross loan to value cannot exceed 70% and the guarantee applies only to residential property.

Claire Barrington-Jones (pictured), director of sales for Borro, said: “We know from talking to our introducers that the average time to complete a bridging deal is getting longer. To our mind this rather negates one of the main USPs for which bridging is renowned. Time taken to undertake valuations and return them to the lender has been cited as one of the main reasons for delays.”

She added: “We are issuing a challenge to demonstrate that bridging finance arranged through Borro can still be guaranteed to complete in a timeframe that suits our introducers and their clients. By ensuring that the valuation is completed and returned within 48 hours, we can make sure that we meet and exceed our introducers’ expectations.”

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