Bridging lender SDKA has completed its first loan using automated valuation model technology, just 10 working days after launching the new service.
The £128,450 advance, agreed at 70% loan to value, funded the auction purchase of a three-bedroom end-terrace house in Leeds. The property, acquired by an existing SDKA client, will be refurbished and added to the rental market.
The deal, introduced by Raj Huque at HCA Finance, was completed on a 12-month term at 0.95% a month, with exit via refinance onto a buy-to-let mortgage.
SDKA launched its AVM service earlier this month to shorten the time between application and drawdown for qualifying first-charge residential purchases. The system uses Hometrack’s data and analytics, which draw on 25 years of property information combined with AI-based market intelligence.
In a further measure aimed at maintaining confidence in the process, borrowers are asked to conduct a video walk-through of their property with one of SDKA’s underwriters before completion.
Kunal Mehta (pictured), managing director at SDKA, said: “The case was literally introduced to us on the day we launched the service, and it already stands as a prime example of how we will utilise our residential AVM systems and procedures to ensure quick and easy drawdown times to meet our clients’ needs.”
Manchester-based SDKA provides unregulated short-term loans secured on residential, semi-commercial and commercial property across England, Wales and Scotland.
