After purchasing the property at auction, the borrower needed prompt access to the funds without delay.
Within seven working days from the initial enquiry, Hope Capital were able use an automated valuation model to issue the loan for £163,350 at 55% loan-to-value (LVT).
Hope Capital introduced AVMs as part of its Customer Collection, including desktop and drive-by valuations in order to ensure that the property is consistent with its surrounding properties.
For cases where funds are needed on an urgent basis, AVMs enable rapid valuations on a much faster timescale than physical valuations, making it favourable in such scenarios.
Synergy Commercial Finance was the broker for the loan.
Jo Malyon, of Blue Badger Financial, part of the Synergy network, said: “Dealing with Hope Capital has been a breath of fresh air and the team there will be my first port of call on every case.
Piotr Twaits, sales director for Synergy Commercial Finance, added: “We have had a series of good experiences of working with the team at Hope Capital.
“They always take the time and trouble to work with brokers and borrowers to get them the deal they need, and deliver to very fast timescales when necessary.”
Jonathan Sealey, CEO of Hope Capital, said: “At Hope Capital, we are all about finding a solution for every borrower that meets their needs and timescales.
“In this case, an AVM was a vital part of that process.
“Embracing this technology means we are able to complete loans much more quickly where necessary, without waiting for a full valuation.
“With Synergy, we also knew we were working with a trusted partner, and were able to progress the loan rapidly as a result.”
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