"This is especially helpful for borrowers that have exchanged on a purchase and are struggling to get a surveyor to go out to the property."
The valuations will be carried out via an AVM model and the offer will be available for the next 8 weeks.
TAB provides a range of short-term loans for first and second charges on commercial and residential property.
Duncan Kreeger at TAB said: “Historically bridging lenders have not accepted AVMs. We were one of the first to introduce this during the Covid-19 crisis. We recognise that bridging needs to be quick and it continues to provide a necessary function in the mortgage market.
"Then after hearing from both borrowers and introducers, I understood that taking away the valuation cost at a financially difficult time was the right thing to do."
Rob Jupp, CEO of Brightstar, commented: “This is a great move for borrowers. It takes away an element of risk in the transaction and helps borrowers cash flow. This is especially helpful for borrowers that have exchanged on a purchase and are struggling to get a surveyor to go out to the property.”
