Mercantile Trust has announced that it has introduced Automated Valuation Models (AVMs) into its bridging loan process.
The specialist bridging, buy-to-let and commercial lender confirmed that AVMs are now available on its residential bridging offering up to £100,000 and a maximum LTV of 75%, subject to confidence score and criteria.
Mercantile Trust stated that the broker will control when the AVM is run so that they know very early on in the process if a traditional valuation is needed.
The introduction of AVMs follows several other enhancements that Mercantile Trust has made in 2022, including in-house and free legals on refinance applications.
Director of commercial operations at Mercantile Trust, Maeve Ward, commented: “The introduction of AVMs is a further enhancement to our process and another step in our mission to improve the customer’s journey and reduce operating cost.
“We are committed to investing in technology and streamlining our existing processes to provide a platform that brokers can rely on to transact at speed. They can also be confident that they are partnering with a lender which offers flexibility and certainty of funding.”
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