An AVM delivered the fastest solution for an auction purchase

Situation

The property – a residential property located in Kent – was purchased at auction, so the borrower, a private investor needed to access the funds incredibly quickly.

Due to the Coronavirus situation, physical valuations had ceased for many weeks. During this time Hope Capital introduced the option of AVMs, alongside desktop and drive-by valuations, as part of its new Custom Collection.

Solution

Although physical valuations have now resumed, for cases where finance is needed on a rapid timescale, AVMs enable valuations to be completed faster.

With the tight timescales imposed by an auction purchase, and demonstrating the flexibility and can-do attitude it is known for, Hope Capital worked directly with the borrower to speed the process up further, calling them to complete the application form and ensuring that all the necessary information was in place.

Result

We were able to offer the borrower a loan for £163,350 at 55% LTV. This case took just seven working days from enquiry to completion.

The brokers for the loan, Synergy Commercial Finance, were impressed by the speed and willingness to go the extra mile the Hope Capital team showed.