AVMs are now available for residential bridging facilities of up to £100,000 at maximum 75% LTV on properties in England, Scotland, Wales and Northern Ireland — this is subject to confidence score and criteria.
According to the lender, the broker involved in the case controls when the AVM is run, so they know very early on in the process if a traditional valuation is needed.
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Maeve Ward, director of commercial operations at Mercantile Trust (pictured above), commented: “The introduction of AVMs is a further enhancement to our process and another step in our mission to improve the customer’s journey and reduce operating cost.
“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.”
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