Hope Capital has completed its first ever loan based on an automated valuation model (AVM), which it introduced just a few weeks ago.
The property was purchased at auction and the borrower needed to access the funds quickly.
Using an AVM enabled Hope Capital to issue the loan for £163,350 at 55% loan-to-value (LTV) within seven working days from enquiry to completion.
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The lender introduced the option of AVMs, alongside desktop and drive-by valuations, as part of its Custom Collection.
Physical valuations have now resumed, but for cases where finance is needed on a rapid timescale, AVMs enable valuations to be completed faster.
The broker for the loan was Synergy Commercial Finance.
Jo Malyon, of Blue Badger Financial, part of the Synergy network, said: “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.
Piotr Twaits, sales director for Synergy Commercial Finance, added: “We have had a series of good experiences of working with the team at Hope Capital.
“They always take the time and trouble to work with brokers and borrowers to get them the deal they need, and deliver to very fast timescales when necessary.”
Jonathan Sealey, CEO of Hope Capital, said: “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.
“Embracing this technology means we are able to complete loans much more quickly where necessary, without waiting for a full valuation.
“With Synergy, we also knew we were working with a trusted partner, and were able to progress the loan rapidly as a result.”