Spring Finance has launched automated valuations (AVMs) for its bridging loans, along with price reductions for all bridging products.
The AVMs will be available immediately for regulated and non-regulated first and second charge residential and debt consolidation bridging loans.
AVMs can be used for loans up to £200k for first charge residential and debt consolidation bridging loans with a maximum of 65% loan-to-value (LTV), and up to £100k for second charge residential and debt consolidation bridging loans with a maximum of 60% LTV.
Spring has received significant demand for this product enhancement, which provides certainty, speed and cost savings for customers, and the new price bands and rate reductions are expected to make their overall product offering even more attractive.
Jim Baker, sales director of bridging, said that the introduction of AVMs and pricing reductions would give even greater certainty for applicable loans and a big saving on time and cost.
Claire Newman, director of bridging, added that Spring was constantly looking to refine its products and processes to provide the best service for their introducers.
