Borro rolls out 48-hour valuation guarantee
By Tom BelgerBorro is offering brokers and their clients a guarantee that every valuation for a bridging loan will be completed and returned with 48 hours of first contact by a surveyor
Section: mobile apps categories
If the valuation is not completed within that timeframe, the lending platform will refund the valuation fee on completion.
The guarantee applies for the following criteria:
• For all properties valued in London and the South East
• The clock starts ticking from when the client is contacted by a surveyor
• Maximum property valuation is £3m
• Maximum gross LTV is 70%
• Residential property only
• Regulated and unregulated loans
• Refund of valuation fee payable upon completion.
Claire Barrington-Jones, director of sales at Borro, believes bridging lenders who were once renowned for providing fast finance were becoming slower to complete deals.
“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.”
Claire feels Borro are issuing a challenge to demonstrate that bridging finance can still be guaranteed to complete in a timeframe which suits 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.”
Keywords: Borro, Claire Barrington Jones, Bridging finance, Bridging valuations, property valuations, bridging lender, asset finance, lending platform, property loans, property finance