TAB starts using AVM and desktop valuations

TAB has taken the decision to work off AVM or desktop valuation reports for residential properties up to a value of £2m, in order to continue lending during the Covid-19 crisis.

The valuations will be audited by the specialist lender and its partners, with a same-day turnaround.

TAB — which, as early as the 12th March, publicly announced that all its new bridging loans would have interest deducted for the full term from the outset of the loan, as a result of the coronavirus pandemic — will continue to offer loans for refinancing and purchase for 12 months, where all interest is retained for the duration of the term.

The announcement follows the news that surveyors have joined the rest of the UK on lockdown and, therefore, have been unable to visit most properties.

As a result, numerous bridging lenders have temporarily frozen new business, with desktop valuations and AVMs as the main workaround for active lenders.

Last week, Aspen Bridging announced it had introduced desktop valuations to lend during the Covid-19 crisis.

Brokers have welcomed the update from TAB. “It’s refreshing to see lenders like TAB trying to find solutions to problems and not creating even more barriers to new business during lockdown,” commented Myles Williams, CEO at First 4 Bridging.

Duncan Kreeger, founder and CEO of TAB (pictured above), said that he was committed to being able to write quality loans and, although there were challenges, it strived to have a “can-do attitude”.

“Many responsible borrowers will be hitting a wall trying to have sensible conversations,” he stated, adding that he wanted TAB “to be thought of as a forward-thinking, ambitious lender”.

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