UK-based bridging lender TAB is launching an open banking interface to simplify the payments process for borrowers, increase transaction transparency and reduce the verification risk
TAB, which provides short-term bridging loans for property projects, has introduced a dashboard open banking interface for users to check their loan information and make payments online.
Being universally accepted as a secure way for consumers to share their personal details and information with financial providers, open banking model will initially enable TAB’s customers to check how base rate changes impact their payments, view their loan details, and make payments – all in one place.
In the future, the company plans to add more functions to the new portal. For instance, borrowers will be soon able to produce a redemption statement instantly, as well as have easy access to loan documents, legal agreements, loan balances and payment details.
On the other hand, greater payment openness will enable TAB to verify borrowers and reach decisions faster, eliminating the risks of AML and KYC procedures. Additionally, open banking brings TAB significant environmental benefits like going paperless, as it diminishes some manual processes.
TAB solutions are primarily aimed at those who want to buy an investment property before selling another one. In this case, they turn to so-called bridging loans backed by real estate, land, and construction projects. The company also facilitates fractional property investments, enabling investors to access the UK property market and get solid returns.
The loans provided by TAB include:
- Refurbishment property/redevelopment loans;
- Developer exit loans for completed and nearly completed projects;
- Auction completing loans;
- Commercial bridging loans;
- Mortgage bridging loans.
Being an unregulated entity, TAB has the flexibility to consider various borrowers’ circumstances and the property market experience, including those cases where traditional lenders see risk.