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At Goldhill Finance, speed isn’t just an advantage – it’s at the heart of the way we design all aspects of the bridging process. We recognise the problems that traditional valuations and underwriting can cause, including the risk of delaying deals, losing auctions, and causing frustration for all parties. One of the key techniques we use to get deals done quickly and efficiently is the desktop valuation – a remote property appraisal carried out without the need for a physical surveyor to attend the property.
Desktop valuations: A time-saving game changer
A desktop valuation report helps assist us in ascertaining the value of a property quickly by integrating good market data, recent comparable sales data, and electronic property records rather than awaiting a valuer to visit the property. This technique provides a major time advantage:
- Quicker report turnaround: Desktop valuations are typically delivered in 24 to 48 hours, a marked difference from 5 to 7 days or more that can be involved in a physical inspection.
- Fewer logistics issues: Removing the need to physically access a property eliminates a significant delay factor.
- Quicker approvals: With a quicker desktop valuation complete, credit approvals can be finalised and offers extended much faster.
The speed is important when time is of the essence – perhaps there is a deadline to meet to complete a purchase at auction, or to refinance. Our quick yet solid desktop valuation process is designed to speed up applications.
Matching valuation type to risk and speed needs
Not all properties are suitable for a desktop valuation method, as more complex and unique properties may likely require a full inspection. In our case, we use the desktop valuation method if we have enough confidence in the type of property and the data provided to proceed, especially if it is a simpler type of property such as a residential or commercial asset.
This is the discipline we apply to our direct lending philosophy, where we minimise unnecessary steps while managing the risks in the process. Because we are funding our own loans and making our decisions internally, we can select the most efficient valuation route to take on each opportunity and proceed without the need to wait on other groups.
Driving faster decisions and closures
Speed is essential at every step in a bridging deal, and valuation is always a critical area where speed is a concern. With desktop valuations, we have speed all across the board:
- Initial credit decisions are made faster since valuation is provided early.
- Offers can be issued faster, usually in a matter of the same day or following day after receipt of instructions.
- Legal work can commence immediately since there is no need to await a physical valuation.
- Deal closures are faster since deals can be completed in 48 hours or less once all paperwork is in place.
In a market where most lenders still use physical valuations, Goldhill Finance is able to exceed expectations in speed to close deals – a significant factor in why we are so often used for urgent deals.
A strategic edge in a fast-paced market
While volumes increase and borrowers demand faster outcomes, valuation turnaround is no longer just an important consideration – but a competitive differentiator. Goldhill Finance uses its expertise in desktop valuations to outpace the competition by setting the pace instead of trying to keep up with it:
- Quick underwriting decisions
- Logistical barriers minimised
- Timelines closely met
This is precisely what makes Goldhill Finance’s approach to valuation customised in the first place: to ensure quick and reliable funding options to its clients across the UK, helping them seize opportunities that others might not even see.