Bridging and development finance lender, Kuflink, has introduced self-instructed automated valuation models (AVMs) for residential property cases.
The lender confirmed that brokers can only register to instruct AVMs through Hometrack by applying to Kuflink’s sales team.
Brokers, once registered with Hometrack, can now instruct an AVM for any residential bridging deal with a maximum loan size of £300,000, and an LTV of 80% or below. The AVM costs £25.20 and the only exclusions are ex council flats and maisonettes.
If the AVM does not meet the criteria, Kuflink confirmed that the broker can then decide to instruct a drive by or a full valuation instead.
Head of origination at Kuflink, Ranjit Narwal, commented: “This exciting move emphasises the importance of the relationship between us and our brokers. In simplifying our process, we are placing greater responsibility into the hands of our introducers to manage their own cases.
“Since we announced the facility to self-instruct valuations in June, the response has been extremely positive. This further move demonstrates our commitment to improving the speed with which we can provide the finance that customers need by offering brokers the opportunity to ensure the valuation process is instructed and completed at the right time whether via AVM, drive by or full valuation for them and their clients.”
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