Precise launches automated valuations for bridging

Precise launches automated valuations for bridging




Precise Mortgages has introduced a number of significant enhancements to its bridging lending process.

The lender has introduced an Automated Valuation Model (AVM), which will bring improvements to the time it takes for some bridging loan valuations to be completed and therefore shortening the timescales to minutes rather than days.

The AVM will be optional provided the case is for a standard bridge, has a maximum purchase/property value of £500,000, a maximum gross LTV of 50% and AVM Confidence Level of A, B or C.

“Before we launched AVMs, we checked how much of our existing bridging lending would have been eligible and, based on the prior 12 months of applications, we found that over 16% would have passed,” Alan Cleary, Managing Director of Precise Mortgages, said.

“Now that we have launched AVMs, I anticipate that number to rise to 20-25%.”

If the bridging loan fits the AVM criteria, then the customer will have a choice to use the AVM instead of a physical valuation fee of £99, which represents a significant saving.

“This is a genuine win-win situation as customers with cases that qualify will be able to save time and money,” Alan added.  

“The introduction of AVM will also streamline processes for all our underwriters, with improvements in completion times across a number of other cases.”

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