Precise Mortgages has relaunched bridging and second charge mortgage ranges supported by automated valuation models (AVMs).

Each range is available up to 50 per cent loan to value (LTV).

In a message posted on its website today, Precise said: “Following government restrictions introduced to prevent the spread of Covid-19, we’ve been busy working on solutions for you and your customers while physical property inspections remain
unavailable.

“We’re pleased to launch a set of products using AVMs for bridging finance and second charge loan applications.”

It asked brokers to understand that the lengthier process may result in cases taking longer to progress than normal.

Once the valuation has been reviewed by the underwriter and they are happy to proceed the case will be processed in the usual manner.

Valuation challenges cannot be accepted and the underwriter’s decision will be final, Precise added.

Last month Precise and its sister lender Kent Reliance recommenced residential and buy-to-let lending.  The pair stopped accepting new applications and put all cases which had not yet progressed to offer on hold at the end of March as a result of the coronavirus crisis.