Shawbrook has enhanced its bridging product suite by expanding the use of automated valuation models (AVMs).
More properties will now be accepted on an AVM, up to 75% LTV, including light refurbishment projects.
The expanded criteria applies to a wide range of residential properties, including individual houses, flats, and small HMOs.
AVMs can be used for properties valued up to £2m in London and the South East and £1m across the rest of the UK.
In a further move to ease requirements, photo evidence of the property's condition is no longer needed.
In cases where an AVM doesn’t meet the usual confidence threshold, but the valuation exceeds the purchase price, Shawbrook will accept the AVM with the loan based on 75% of the purchase price.
Daryl Norkett, director of real estate proposition at Shawbrook commented: “This update is another step in leveraging our ‘best of both’ proposition by using technology to speed up bridging loans and reduce costs for customers.
"By expanding our AVM parameters and removing unnecessary hurdles, we’re making it easier to get deals over the line quickly, especially where purchase timelines are tight and customers want certainty of their property’s valuation on day one.
"It’s a clear reflection of how we’re using technology to streamline the lending journey that keeps intermediaries at the centre. Together we can now offer faster initial decisions with fewer conditions - a real win for everyone involved in the process."
