Its AVMs on residential bridging up to 75% LTV are now available across the UK
Specialist lender Mercantile Trust has introduced Automated Valuation Models (AVMs) into its bridging loan process.
AVMs are now available on residential bridging up to £100,000 and a maximum loan-to-value (LTV) of 75%, subject to confidence scores and criteria.
The broker controls when the AVM is run so they know very early on in the process if a traditional valuation is needed, the lender pointed out.
It added that unlike the majority of bridging lenders which allow the use of AVMs, they now accept automated bridging valuations in England, Scotland, Wales, and Northern Ireland.
The use of AVMs, Mercantile Trust noted, complements other enhancements it unveiled during 2022, including in-house and free legals on refinance applications. For those who require rapid finance, it claimed that these changes collectively make bridging more attractive, as they enable cases to be processed more quickly than normal.
“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 costs,” Maeve Ward (pictured), director of commercial operations at Mercantile Trust, commented.
“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.”
Mercantile Trust specialises in bridging, buy-to-let, and commercial loans.
