AVMs in bridging: what they are and what they mean for brokers
Written by Luke Stevenson
Start faster with your bridging deals this year with AVMs and the latest technology in our bridging portal. To be in with a chance of winning one of our Starting Faster prizes, submit a bridging application in the portal in January. Full T&Cs here.
One of the recent landmarks we hit as a bridging team was integrating Automated Valuation Models (AVMs) for purchases within our portal.
This is transformative for our ability to process more deals, more quickly, and pass on time and money benefits to your clients.
Here our BDM, Mia Colgan, explains how they work.
What are AVMs?
Our Automated Valuation Models are built into the portal, and mean you and your clients can bypass the typical physical valuation for their bridging deal.
By using an integration with RightMove, we can get the essential information we need to check the property value and proceed to legals.
How do they speed up bridging deals?
Using an AVM cuts out the valuation fee, and the time spent waiting for a person to go and physically evaluate the property.
With straightforward bridging deals – commonly referred to as flow bridging – the information is incredibly reliable, and when the key thing your clients are looking for is a speedy acquisition and certainty of funding, helps us provide that.
When do they apply?
Our AVMs can be used for purchasing properties valued between £100k – £750k in London, and £100k – £450k outside London.
For unregulated bridging deals you can get a gross LTV of up to 70%. For regulated bridging deals its 60% net LTV for houses, and 55% for flats.
Start faster with your bridging deals this year with AVMs and the latest technology in our bridging portal. To be in with a chance of winning one of our Starting Faster prizes, submit a bridging application in the portal in January. Full T&Cs here.