CHL enhances bridging range with AVMs and enhanced adverse credit criteria

CHL Mortgages is enhancing its bridging criteria by widening the levels of acceptable adverse credit history and introducing automated valuation models (AVMs).

The specialist lender, which launched its regulated and non-regulated bridging proposition earlier this month, will now consider cases involving unsatisfied CCJs, unsatisfied debts, and unsatisfied secured and unsecured arrears, subject to underwriter review.

The lender is also introducing AVMs for eligible properties which can remove the need for a physical valuation, helping to streamline the application process.

The new bridging range features products designed for scenarios such as chain break finance and auction purchases, light refurbishment non-structural projects including internal upgrades, and heavy refurbishment larger-scale projects involving structural works.

Rates start from 0.70% per month up to 75% LTV with loans between £100,000 and £10 million available. All products feature no exit fees or ERCs.

Products are currently available to directly authorised brokers through selected mortgage clubs and CHL Mortgages’ bridging packager panel, with additional routes being introduced over time as the lender continues to expand its distribution.

Roger Morris, group distribution director at Chetwood Bank for CHL Mortgages, said: “The enhancements create more solutions and will help support a wider range of complex bridging applications, whether that’s for clients with an adverse credit history or those who need quicker access to funding.

“As always, every case we receive is assessed by experienced underwriters who take a practical view of the overall application and understand that complex cases rarely fit neatly into a box.”