Borro is offering brokers and their clients a guarantee that every valuation for a bridging loan will be completed and returned within 48 hours of first contact by a surveyor or their valuation fee will be refunded on completion.
The guarantee is for all properties valued in London and the south east. The time starts from when the client is contacted by a surveyor.
The maximum property valuation is £3m, while the maximum gross LTV is 70%.
It is available for residential property only and for both regulated and unregulated bridging.
A refund of the valuation fee is payable upon completion.
Claire Barrington-Jones, Borro’s director of sales, said: “We know from talking to our introducers that the average time to complete a bridging deal is getting longer. To our mind this rather negates one of the main USPs for which bridging is renowned. Time taken to undertake valuations and return them to the lender has been cited as one of the main reasons for delays.
“Therefore, we are issuing a challenge to demonstrate that bridging finance arranged through Borro can still be guaranteed to complete in a timeframe that suits our introducers and their clients. By ensuring that the valuation is completed and returned within 48 hours, we can make sure that we meet and exceed our introducers’ expectations.
“Borro is the natural choice for any adviser whose clients want cleared funds for any purpose, quickly, discretely and with the minimum of fuss, whether they are borrowing against bricks and mortar or other personal luxury assets.”