Yes, a bridging lender will need a valuation report to value the property offered as security as its a secured loan. This is usually directly instructed by the lender - but at the borrower’s cost - and is carried out by a RICS surveyor. Sometimes a bridge lender may agree to consider a very recent survey that already has been done. This is more likely to be the case where the LTV is not high, for instance. In this circumstance, the surveyor usually needs to be one that is acceptable to the bridging lender and the surveyor must be willing to re-address the valuation survey to that lender. A surveyor will usually charge a fee for this but it is normally a cheaper option than commissioning a new survey.
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