Precise Mortgages launches bridging products supported by AVMs
By Joe LyonsPrecise Mortgages has announced that it has relaunched a set of products for bridging finance and second charge loan applications
Section: Products
Due to physical inspections being limited as a result of the Covid-19 outbreak, the specialist lender has introduced AVMs for new and existing cases.
The statement, posted yesterday (5th May), said: “We're pleased to launch a set of products using AVMs for bridging finance and second charge loan applications.”
The key features of its bridging range, includes:
- available for regulated and non-regulated bridging
- standard bridging only — no refurbishments
- available up to 50% LTV (including retained interest)
- available in England, Wales and Scotland
- limited company applications accepted
- a facility fee of 2% applies to all transactions
The minimum loan size is £50,000 and goes up to £375,000.
The value of the property must be £75,000 or more, but mustn’t exceed £750,000 to be eligible.
Existing applications that are at pre-offer stage, and where the property type is eligible for an AVM, will have this type of valuation to see if it is able to continue with the application.
The AVM will be reviewed internally, which may result in cases taking longer to progress than normal.
Precise stated: “Once the valuation has been reviewed by the underwriter and they are happy to proceed, the case will be processed in the usual manner.
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