Bridging lender, SDKA, has completed its first AVM deal with a £128,450 drawdown at 70% LTV, taking just 10 working days for an auction purchase.
The new service, which was only launched two weeks ago, was used by a previous client to acquire a residential three-bedroom end-terrace house in Leeds which will be refurbished and placed on the rental market.
Introduced by Raj Huque at HCA Finance, the serviced facility was completed at 0.95% per month over 12-months. Exit will be through refinance onto a buy-to-let facility.
At launch, SDKA said it was committed to accelerating time-to-cash with AVMs being used for first-charge residential purchase transactions.
In a move designed to further reassure applicants, the lender will ask every client to do a video walk around of the properties with one of their underwriters.
SDKA is an unregulated bridging lender offering products on residential, semi-commercial and commercial properties across England, Wales and Scotland.
The lender offers interest rates from 0.84% per calendar month, up to 75% LTV, and terms up to 24 months. Its maximum loan size is £10m.
Kunal Mehta (pictured), managing director of 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.”
