Precise expands use of AVMs across bridging range

Precise has upgraded its policy around automated valuation models (AVMs) to help brokers speed up their bridging caseloads. 

With AVMs replacing select physical valuations, it can help smooth applications from offer to formal completion and enable customers to keep their cases moving without unnecessary delays.

As part of the upgrade, AVMs are now available up to 75% LTV on properties up to £1.5m. AVMs are also now permitted for light refurbishment.

Precise's new bridging range launched in January and features rates from 0.62% per month with no maximum loan size, no exit fee and no early repayment charges.

Alan Kimber, head of bridging at Precise, said: “With chain breaks still being the most common use for bridging in 2024 according to the latest Bridging Trends data, closely followed by investment purchases, our service enhancements certainly align with the market demands for swift and agile solutions. 

“Following our successful bridging launch in January, we’ve continued to work closely with our broker partners and we’re confident that these upgrades will help streamline the bridging process allowing smoother customer journeys.”