Hope Capital will now allow a range of valuation types.
Having previously required a full valuation on residential properties, the lender says it is “in many circumstances” now able to lend based on AVMs, drive-bys or desktop valuations.
Hope Capital says these new valuation options should make borrowing more accessible for customers, particularly in circumstances where speed is of utmost priority. Both AVMs and desktop valuations are able to be completed in a matter of hours and provide enough accuracy to be able to progress with a loan application.
In addition, these valuation types have a lower associated cost than a full valuation.
Gary Bailey (pictured), managing director of Hope Capital, said: “It’s fantastic that we’re now able to accept a far broader range of valuation types. Often a full valuation can take considerably more time than they may have previously. Particularly given the current circumstances its now more important than ever that we’re flexible and can operate swiftly.
“As always with Hope Capital we aim to offer the utmost flexibility and speed whilst being transparent throughout the process.”