Mercantile Trust to accept AVMs on bridging applications

AVMs are available on residential bridging transactions of up to £100,000, and up to a maximum loan to value (LTV) of 75 per cent. They are also available in England, Scotland, Wales and Northern Ireland.

This is subject to criteria and a confidence score.

Brokers have control over when the AVM is run, which Mercantile Trust suggests will mean they know early on in the process whether a traditional valuation will be needed.

The introduction of AVMs comes after the lender rejigged its criteria and expanded into Northern Ireland.

Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said that the addition of AVMs would help improve the borrower’s journey, as well as reduce operating costs.

She continued: “We are committed to investing in technology and streamlining our existing processes to provide a platform that brokers can rely on to transact at speed. They can also be confident that they are partnering with a lender which offers flexibility and certainty of funding.”