LendInvest extends desktop valuations to bridging

It is the latest lender to make such a move as the second lockdown in England begins and as the second wave of the Covid-19 pandemic hits at the start of winter.

While valuers are still allowed to visit properties as part of the restrictions, it has been noted that times to agree appointments are extending and there is concern the number of visits blocked by isolating residents will increase.

LendInvest is making desktop valuations available for borrowers seeking residential bridging and auction products on loan sizes up to £250,000 with a maximum loan to value (LTV) of 65 per cent.

These valuations will be available for properties in England, Wales and Scotland up to a value of £1m.

It will be utilising desktop valuations through Connells to ascertain the security value, in absence of a valuer being able to make a physical visit to the property.

LendInvest director for bridging Justin Trowse said: “As we continue to operate through unpredictable times, it is imperative to be prepared for any sudden changes to the way we are able to work.

“While at this time physical valuations are permitted to go ahead, we realise we must be equipped for any eventuality should that change in the future.

“Adding the capability to utilise desktop valuations for more of our product suite allows us to stay one step ahead, and ensure we can deliver the finance our borrowers need with the same speed and flexibility we always have.”