Hope Capital strikes first ever AVM deal
14 Jul 2020
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 – a residential property located in Kent – was purchased at auction, so the borrower, a private investor needed to access the funds incredibly quickly.
Using an AVM enabled Hope Capital to issue the loan, for £163,350 at 55% LTV, in just seven working days from enquiry to completion.
Hope Capital introduced the option of AVMs, alongside desktop and drive-by valuations, as part of its new 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.
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.
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.
Jo Malyon, of Blue Badger Financial, part of the Synergy network, commented: “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.
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.”
To find out more about Hope Capital call 0345 494 0708 or email firstname.lastname@example.org