TAB returns to lending using AVMs
TAB has returned to lending using the Automated Valuation Model (AVM) after the government announced a second lockdown on 31 October.
In order to combat restrictions on surveyors being able to visit properties earlier in the year, the firm has decided to work off AVM or desktop valuations.
Moreover, TAB outlined that it audited valuations with a same-day turnaround.
Furthemore, the firm noted that it would continue to support borrowers and offer loans for refinancing and purchase for 12 months where all interest is retained for the duration of the loan.
TAB is a lender, which provides a range of short-term loans for first and second charges, as well as for commercial and residential property.
Duncan Kreeger, founder and chief executive of TAB, said: “Understanding the challenges that our customers might face is key to keeping things moving. Sometimes even the smallest changes can have the biggest effect.
“We are very aware that these government guidelines – while necessary from a public health perspective – can cause people huge stress and anxiety and we are committed to providing a seamless experience for our customers.”
Julian Ingall, broker at Coreco Commercial, added: “We have been working with TAB for some time and have always been impressed with their proactiveness and innovation. Yet again they are leading the way with clever solutions during these challenging times and keeping the lending market fluid.”