By opening preferential access to EG Radius, part of the EG product suite, users can utilise an online resource which supports valuations.
VAS Group has agreed a partnership with EG to supply its lenders, valuers and brokers with pre-valuation statistics and sales evidence.
By opening preferential access to EG Radius, part of the EG product suite, users can utilise an online resource which supports valuations.
It also offers market analytics and data to analyse trends impacting commercial real estate, the ability to track the development pipeline across the UK and gives access to the freeholders and leaseholders of a property.
Stephen Todd, chief commercial officer and co-founder of VAS Group, said: “Before any lending application is progressed to valuation there is information that should be sought to verify the validity of an estimated value of a particular property, and EG Radius supplies statistics to achieve just that.
“As a simple example, if a property has an estimated value of £1m, but in the previous six months has been sold for £750k and the property or market conditions have not changed, it is very unlikely it will now meet the anticipated estimated value which the proposed lend will be determined.
“If this is vetted at the outset the deal structure can be questioned which would ultimately save underwriters’ time and the clients’ money.”
Stephen Leung, commercial partnerships manager for EG, added: “By utilising EG Radius it allows VAS Group’s lenders, valuers and brokers to go into greater detail to ensure deals can be concluded with estimated values being considered realistic from the outset.
"This leads to more positive outcomes, helping to avoid situations where the numbers didn’t stack up from the start.”
