VAS Audit has revealed that it has completed live auditing and assurance services on over £200m worth of valuations, comprising of 500 separate reviews, for Signature Property Finance.
In total, the business has undertaken circa 15 audits per month which spans across over 60 different surveyors at an average value of £400k per property since the relationship commenced in February 2017.
Signature Property Finance appointed the external company to provide independent professional analysis of valuation reports to help reduce property specific lending risks prior to funding.
Tony Gilbertson, CEO of Signature Property Finance, said: “In a market where some lenders will throw out low rates and high LTV to attract borrowers who rarely get the promised deal, we have focussed on ensuring certainty of funding for our clients.
“If we agree a deal at the outset, we deliver on those terms; no nasty surprises or last-minute rate increases. This approach requires total confidence in accurate valuations of the properties we are dealing with, which is where VAS Audit steps in. They consistently deliver what we need, when we need it.
“The only way to build the sector-leading service we are striving to deliver, is to integrate into our processes, only the very best service providers like VAS Audit. They are easy to work with, approachable and the quality of their work makes it easier for us to follow through on our promises, with accurate data to support our lending decisions.“
Daniel Owen-Parr (pictured), managing director of VAS Audit, added: “Signature understands that while a standard valuation is a solid base on which to make a lending decision, an audited valuation which has gone through a second layer of independent verification helps to further reduce property specific lending risks.
“And from day one the relationship has been second-to-none, we have a fantastic working partnership whereby we speak regularly and highlight the steps we have taken to keep reporting standards at their absolute best.”
