Spring Finance has announced the introduction of automated valuations (AVMs) for bridging loans.
The use of AVMs is available with immediate effect across regulated and non-regulated first and second charge residential and debt consolidation bridging products.
AVMs can be used for loans meeting the following parameters:
- First charge residential and debt consolidation bridging loans up to £200k, max 65% LTV
- Second charge residential and debt consolidation bridging loans up to £100k, max 60% LTV
New price bands and rate reductions have also been introduced across Spring’s entire bridging product range which includes first and second charges, debt consolidation, heavy renovation and light development (with stage drawdowns available).
Jim Baker (pictured, right), sales director of Bridging, said: “The market is predicting a big demand for specialist bridging this year but there will still be challenges for introducers trying to manage upfront costs and having confidence that lenders will complete on deals and in a timely manner. The team at Spring have a trusted reputation for delivering robust upfront decisions and a level of expertise across the team that gives introducers confidence to place business.
“We have impressive application to completion statistics running at just under 70% and the introduction of AVM’s and pricing reductions will give even greater certainty for applicable loans and of course a big saving on time and cost too. Helping brokers create great customer outcomes is at the heart of what we do.”
Claire Newman (pictured, left), director of bridging, added: “Certainty of decisions and speed of transactions are critical in this market and this is another step in ensuring Spring provide the best in class service for our introducers. We are constantly looking to refine our products and processes and I am proud of the reputation we are building at Spring.”