Shawbrook has expanded the use of Automated Valuation Models (AVMs) in a bid to reduce completion times.
This applies to properties up to 75% loan-to-value, while it will include light refurbishment projects.
The criteria applies to a wide range of residential properties, including individual houses, flats, and small HMOs, up to £2 million in London & South East and up to £1 million in the rest of the UK.
Photo evidence of the property’s condition is no longer needed.
Daryl Norkett, director real estate proposition at Shawbrook, said: “This update is another step in leveraging our ‘best of both’ proposition by using technology to speed up bridging loans and reduce costs for customers.
“By expanding our AVM parameters and removing unnecessary hurdles, we’re making it easier to get deals over the line quickly, especially where purchase timelines are tight and customers want certainty of their property’s valuation on day one.
“It’s a clear reflection of how we’re using technology to streamline the lending journey that keeps intermediaries at the centre. Together we can now offer faster initial decisions with fewer conditions – a real win for everyone involved in the process.”