Shawbrook has expanded using Automated Valuation Fashions (AVMs) in a bid to scale back completion occasions.
This is applicable to properties as much as 75% loan-to-value, whereas it is going to embody mild refurbishment tasks.
The factors applies to a variety of residential properties, together with particular person homes, flats, and small HMOs, as much as £2 million in London & South East and as much as £1 million in the remainder of the UK.
Picture proof of the property’s situation is not wanted.
Daryl Norkett, director actual property proposition at Shawbrook, stated: “This replace is one other step in leveraging our ‘better of each’ proposition by utilizing expertise to hurry up bridging loans and scale back prices for patrons.
“By increasing our AVM parameters and eradicating pointless hurdles, we’re making it simpler to get offers over the road shortly, particularly the place buy timelines are tight and clients need certainty of their property’s valuation on day one.
“It’s a transparent reflection of how we’re utilizing expertise to streamline the lending journey that retains intermediaries on the centre. Collectively we will now provide quicker preliminary selections with fewer situations – an actual win for everybody concerned within the course of.”
