The AVM Bridge, launched in partnership with UKValuation, gives Cheval an 'instant' valuation on property being used as security for bridging loans; instead of having to wait several days for a physical inspection. The AVM technology will allow Cheval to generate an accurate valuation as soon as the application is received.
UKValuation’s property database can produce real-time valuations on individual properties as well as large portfolios. This will speed up Cheval’s loan assessment and provide ongoing risk evaluation.
Mark Posniak, director of sales and marketing at Cheval, said: “This product is designed to assist borrowers whose security is in major conurbations, and who have extremely tight and inflexible deadlines - for example, they may need a next-day completion. This new launch is tailor made for them.”
Clients will be charged a £200 fee for the AVM, which will only be used for confidence levels of 3.2 and above (where 5 is the maximum score). If the confidence level is less than 3.2, Cheval will refund £100 towards the cost of a standard valuation.
