TAB continues bridging lending in challenging market
TAB has announced that they are continuing to lend using AVM (automated valuation model) for residential property up to a value of £2 million.
TAB is well capitalised and has modified its procedures to cope with these challenging times.
In order to work around surveyors being unable to visit the majority of properties, TAB has taken the decision to work off AVM or desktop valuation reports for suitable residential properties. Valuations will be audited by TAB and its partners with a same-day turnaround.
Brokers have welcomed this news with Myles Williams of F4B saying:
“Its refreshing to see lenders like TAB trying to find solutions to problems and not creating even more barriers to new business during lockdown”.
Duncan Kreeger, Founder and CEO of TAB commented:
“I am committed to being able to write quality loans and although we have some challenges right now, we strive to have a can-do attitude. Many responsible borrowers will be hitting a wall trying to have sensible conversations and I want TAB to be thought of as a forward-thinking ambitious lender.”
No one really knows what the impact of Covid-19 will have on the property market. However, TAB will continue to offer loans for refinancing and purchase for 12 months where all interest is retained for the duration of the loan.