As well as the cost savings to the applicant, AVMs are instant so there is no time lag while waiting for a valuation date and for the report to be produced. 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 off customer costs and 7 days off a new application.”
