Shawbrook has expanded the use of automated valuation models (AVMs).

The changes allow more cases to qualify for an AVM, helping to reduce completion times and streamline the process.

More properties will now be accepted on an AVM, up to 75% loan-to-value (LTV), including light refurbishment projects which is a notable step forward in simplifying short-term lending.

The expanded criteria applies to a wide range of residential properties, including individual houses, flats, and small HMOs.

It includes London and South East with properties valued up to £2m and the rest of UK, properties valued up to £1m.

In addition, photo evidence of the property’s condition is no longer needed.

In cases where an AVM doesn’t meet the usual confidence threshold, but the valuation exceeds the purchase price, Shawbrook will accept the AVM with the loan based on 75% of the purchase price.

Shawbrook director of real estate proposition Daryl Norkett says: “This update is another step in leveraging our ‘best of both’ proposition by using technology to speed up bridging loans and reduce costs for customers.”

“By expanding our AVM parameters and removing unnecessary hurdles, we’re making it easier to get deals over the line quickly, especially where purchase timelines are tight and customers want certainty of their property’s valuation on day one.”