"We can produce these reports online in minutes at minimal expense to us, shaving £1,000 of customer costs and 7 days off a new application."
AVMs must achieve a confidence level of A, B or C to qualify, the property must not exceed a valuation or purchase price of £500,000 and the gross loan must be no more than 50% LTV.
Andrew Gage, Director at Y3S, said: “Bridging finance is supposed to be quick but this is on another level. We can produce these reports online in minutes at minimal expense to us, shaving £1,000 of customer costs and 7 days off a new application.”
Earlier today, Positive Lending announced plans to offer free AVMs on selected first and second charge standard bridging loans under the same criteria.
Last week, Precise announced that customers will have the choice to use its new AVM instead of a physical valuation for a £99 fee.
