AVMs will be used on bridging cases up to 75% loan to value (LTV), so more cases will qualify.
This includes properties up to £1.5m, covering 99% of properties, and will also be permitted on light refurbishment.
AVMs will replace select physical valuations and can help “smooth applications from offer to formal completion and enable customers to keep their cases moving without unnecessary delays”.
Alan Kimber, head of bridging at Precise, said: “With chain breaks still being the most common use for bridging in 2024, according to the latest Bridging Trends data, closely followed by investment purchases, our service enhancements certainly align with the market demands for swift and agile solutions.
“Following our successful bridging launch in January, we’ve continued to work closely with our broker partners and we’re confident that these upgrades will help streamline the bridging process allowing smoother customer journeys.”
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Precise recently lowered bridging rates across its whole range and added a developer exit deal.
