The residential property in Kent was purchased at auction by a private investor who needed access to funds quickly.
With the tight timescale imposed by the auction purchase, the lender worked directly with the borrower to speed up the process and make sure all the necessary information was in place.
Using an AVM enabled the lender to issue the £163,350 loan at 55% LTV in seven working days, from enquiry to completion.
In June, Hope introduced AVMs, alongside desktop and drive-by valuations, as part of its new custom collection.
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Synergy Commercial Finance — which brokered the deal — was impressed by the speed Hope showed.
Piotr Twaits, sales director at Synergy Commercial Finance, said: “We have had a series of good experiences of working with the team at Hope Capital.
“They always take the time and trouble to work with brokers and borrowers to get them the deal they need and deliver to very fast timescales when necessary.”
Jonathan Sealey, CEO at Hope Capital (pictured above), added: “…We are all about finding a solution for every borrower that meets their needs and timescales.
“In this case, an AVM was a vital part of that process.
“Embracing this technology means we are able to complete loans much more quickly where necessary, without waiting for a full valuation.
“With Synergy, we also knew we were working with a trusted partner and were able to progress the loan rapidly as a result.”