An AVM delivered the fastest solution for an auction purchase
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.
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.
"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."
Jonathan Sealey, CEO
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.
“A big ‘thank you’ to all of the team. 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.”
WHAT THE BROKER SAID
Miriam is responsible for developing the overarching marketing strategy and implementing the strategy across all marketing channels. This will both expand and deepen the relationships with brokers and key partners within the industry.