Spring Finance has announced it is introducing automated valuation models (AVMs) for its bridging loans.

The lender confirmed the use of AVMs will be available with immediate effect across its regulated and non-regulated first and second charge residential and debt consolidation bridging products.

Since launch, Spring stated that it has received regular requests from brokers to use AVMs. As a result, significant demand for this product enhancement is expected which provides certainty, speed and cost savings for customers.

Spring stated that AVMs can be used for first charge residential and debt consolidation bridging loans up to £200,000, at a maximum 65% loan-to-value (LTV), as well as on second charge residential and debt consolidation bridging loans up to £100,000, up to 60% LTV.

New price bands and rate reductions have also been introduced across Spring’s bridging product range.

Sales director of bridging at the firm, Jim Baker, said: “The market is predicting a big demand for specialist bridging this year but there will still be challenges for introducers trying to manage upfront costs and having confidence that lenders will complete on deals and in a timely manner.

“The team at Spring have a trusted reputation for delivering robust upfront decisions and a level of expertise across the team that gives introducers confidence to place business.

“We have impressive application to completion statistics running at just under 70% and the introduction of AVM’s and pricing reductions will give even greater certainty for applicable loans and of course a big saving on time and cost too.”

Share Story: