The Importance of an Efficient Property Valuation During the Lending Process
Artis Managing Director, Richard O'Neill discusses with Bridging Finance Provider Onate, the creation of an efficient valuation process in order to facilitate quick loan drawdowns.
Onate's lending process is fast-paced and simple. They make decisions in-house and work with solicitors and valuers who have also bought into our ethos of completing transactions within tight timeframes.
All loans are subject to a valuation being completed. If the valuation process is prolonged, this in turn slows down Onate’s lending process.
Onate spoke with Richard O’Neill, Managing Director of Artis, on the key aspects of completing a valuation efficiently:
1.Understanding the circumstances of the loan and any time sensitivities around it: Our open line of communication with Onate allows us to prioritise cases accordingly. Understanding the situation fully means that we can advise Onate on the likely requirements of the report at the outset, which helps to save time in the long run.
2. Sharing and availability of information: The quick turnaround on valuation is hugely reliant on the relevant documentation and information being provided at the outset. This will typically include copies of leases and any tenancy schedules. It may also include copies of planning permissions and proposed construction costs. Onate has that for us at the outset of instruction, which saves us time and equips us to start drafting the valuation report sooner.
3. Valuer understanding of the market: We know the market that Onate typically lends into very well. We also have a huge level of market experience within the team so are therefore able to soundly advise Onate at the outset of instruction on the likely viability of proposed values. Similarly, given our experience in the market, we have access to a wide pool of comparable data across all sectors. This allows us to build and analyse valuation reports as soon as possible, without compromising on quality or accuracy.
4.Clearing up queries: Our strong relationship with Onate works well. When queries do arise, post instruction, then we are able to quickly raise, discuss and resolve the issue within a very short timescale.
To find out more about Onate’s lending process, call (01) 697 2588 or email email@example.com