Precise, a part of OSB Group, has upgraded its automated valuation model (AVM) policy to help brokers speed up bridging cases.
The change aims to smooth applications and reduce delays by using AVMs instead of some physical valuations.
The upgraded policy now includes up to 75% loan-to-value (LTV), allowing more cases to qualify, properties valued up to £1.5m, covering 99% of properties, and AVMs are permitted for light refurbishment.
These upgrades enhance the existing bridging range that was launched in January 2024, which features rates starting from 0.62% per month, with no maximum loan size, no exit fees, and no early repayment charges.
Alan Kimber (pictured), head of bridging at Precise, said: “With chain breaks still being the most common use for bridging in 2024 according to the latest Bridging Trends data, closely followed by investment purchases, our service enhancements certainly align with the market demands for swift and agile solutions.
“Following our successful bridging launch in January, we’ve continued to work closely with our broker partners and we’re confident that these upgrades will help streamline the bridging process allowing smoother customer journeys.”
