Specialist lender Spring Finance has enhanced its automated valuation model (AVM) offering on regulated and unregulated bridging to streamline its proposition.
AVMs are now available for two loan-to-value (LTV) bands for both first and second charge loans.
For first charge loans, AVMs can be used for loans up to £300,000 at 55% LTV and up to £200,000 at 65% LTV.
Second charge loans of up to £200,000 at 50% LTV and up to £100,000 at 60% LTV will also be accepted with an AVM valuation. There is no maximum property value.
Jim Baker, sales director of bridging and development finance, said: “Spring has built a specialist lending proposition that can be trusted to deliver. Our broker partners love to work with us as we put them at the heart of our business. The AVM changes and most of the process improvements have all come from broker feedback”.
Claire Newman, director of bridging and development finance, added: “We launched our bridging and development proposition in a challenging economic environment with the strategic aim to grow in line with improving economic conditions. AVMs deliver certainty and speed, and with our growing confidence in the property market, we are now able to introduce these changes.”
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Spring Finance entered the development finance sector in June, completing an additional funding line with Shawbrook over the summer to support its range.
