Specialist lender Lendco has introduced automated valuation models (AVMs) to its bridging range and reduced rates.
The AVM product is available at a gross 65% loan to value (LTV) on loans of up to £750,000 with a Hometrack confidence level of five or above.
Qualifying loans are available from 0.74% per month.
Lendco has also lowered pricing on its straightforward bridging transactions up to 75% LTV. This applies to loans up to £750,000, with rates starting from 0.69% per month.
Alex King (pictured), executive director at Lendco, said: “We’re delighted to further support our intermediaries with these modifications to our product range. The use of AVMs is not new in the bridging market and we felt it was important that we added this tool to our armoury. We’ll now be able to process some more time-sensitive applications with greater speed; I expect we’ll be able to complete eligible deals in a matter of days.
“The bridging space is a competitive one, and with us very keenly priced on the more vanilla residential transactions, I expect us to be front and centre of brokers’ thoughts when they are placing such deals.”
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Earlier this year, Lendco made changes to its buy-to-let (BTL) criteria by increasing the maximum loan size per asset and raising its portfolio exposure limit.
