LVM Real Estate in Cooperation with Swedbank Helps You Move to a New Home in Three Days

LVM Kinnisvara introduced a solution in cooperation with Swedbank as a pilot project that allows home buyers to reach a loan decision within 72 hours. The faster process is based on pre-valued real estate, and the bank only needs to assess the client's creditworthiness and make the loan decision, announced Ingmar Saksing, member of the board of LVM Kinnisvara.  

According to Ingmar Saksing, both LVM and Swedbank aim to offer their clients fast and professional advice and a streamlined home purchase process. "Once a person has finally selected a suitable home, everyone naturally wants all the paperwork and preparations for meeting the notary to be ready already yesterday. In practice, however, this has traditionally taken about a week or two," he noted. According to Saksing, both LVM Kinnisvara, which belongs among Estonia's largest real estate offices, and Swedbank, which manages Estonia's largest home loan portfolio, see significantly faster and smoother home purchase financing and processing as their clear competitive advantage. 

According to Anne Pärgma, head of Swedbank's residential loan department, this is not a new loan product, but a standard home loan where part of the process has already been prepared in advance. "If the real estate has been previously valued and all necessary documents are in order, making a loan decision takes a maximum of three business days. After that, we help the client find a suitable notary appointment, which also determines the final processing time of the transaction," explained Pärgma. 

In cooperation with Swedbank's loan specialists, LVM prepared the necessary documents for properties selected for the pilot project, which ran from the end of January to the end of February, already before finding a buyer. This allows the bank to make a loan decision within 72 hours from the moment all required documents are submitted, focusing during that time on assessing the loan applicant's financial capacity and agreeing on contract terms. 

The pilot project covers a total of 60 homes for sale. All of them have a valid expert valuation, which is forwarded directly to the bank, and homes sold within the campaign framework are offered with at least a 10 percent price discount. 

LVM Kinnisvara is an Estonian real estate company founded in 1992 with offices in Tallinn, Tartu, Pärnu and Kuressaare, whose services have been used by more than 50,000 clients. The company is engaged in real estate brokerage, valuation services, project management and real estate development. The company currently has 1,200 real estate objects for sale with a total value of 280 million euros.