Bridging lender Kuflink has announced a series of updates to its lending criteria, aimed at expediting the valuation and legal processes for borrowers and their advisers.
The lender will now accept applications up to £500,000 on residential properties using automated valuation models (AVMs), with a maximum loan-to-value of 75%.
For semi-commercial properties, Kuflink will now accept desktop and drive-by valuations up to £600,000, with maximum LTVs of 70%. On commercial properties, the limit is set at 65%.
In parallel, the lender has raised its overall LTV caps — from 60% to 65% on commercial property loans, and from 65% to 70% on semi-commercial cases.
The changes are intended to speed up completion times, especially on cases where a traditional valuation or protracted legal process might otherwise cause delays.
Molly Hepburn (pictured), director at Kuflink, said: “These changes highlight the importance we place on cutting the roadblocks to swift completions. We have increased the LTVs on AVMs and desktop valuations so more deals qualify for faster valuations and as a pioneer of the use of title indemnity insurance, we can expedite the clients’ legal process.”
The lender is also drawing attention to its use of title indemnity insurance as a means of streamlining the conveyancing process. By relying on insurance policies in place of some standard legal checks, Kuflink aims to sidestep potential bottlenecks in property title investigations.
“Kuflink’s latest proposition demonstrates our commitment to helping clients and their advisers navigate the borrowing process as simply and as quickly as possible,” added Hepburn.
