Brokers can register to instruct AVMs for residential bridging deals
Bridging and development finance lender Kuflink has introduced self-instructed AVMs via Hometrack for residential property cases.
Brokers registered with Hometrack can now instruct an AVM for any residential bridging deal with a maximum loan size of £300,000 and an LTV of 80% or below.
If the AVM does not meet the criteria, the broker can decide to instruct a drive by or a full valuation instead. Brokers can only register to instruct AVMs through Hometrack by applying to the Kuflink sales team. The AVM costs £25.20 and the only exclusions are ex council flats and maisonettes.
Ranjit Narwal (pictured), head of origination at Kuflink, commented that the introduction of AVMs emphasises the importance of the relationship between Kuflink and its brokers.
“In simplifying our process, we are placing greater responsibility into the hands of our introducers to manage their own cases,” Narwal said. “Since we announced the facility to self-instruct valuations in June, the response has been extremely positive.
“This further move demonstrates our commitment to improving the speed with which we can provide the finance that customers need by offering brokers the opportunity to ensure the valuation process is instructed and completed at the right time whether via AVM, drive by or full valuation for them and their clients.”